I am attracted to a two maisonettes in Fairford which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Fairford. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold flat in Fairford. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any top tips for leasehold conveyancing in Fairford with the aim of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Fairford can be reduced where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
• A minority of Fairford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
• If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unresolved.
• If you hold a share in a the freehold, you should make sure that you have the original share certificate. Obtaining a duplicate share certificate can be a time consuming process and slows down many a Fairford home move. If a duplicate share is necessary, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

If all goes to plan we aim to complete our sale of a £ 175000 apartment in Fairford next week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Fairford?

For most leasehold sales in Fairford conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Fairford
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Fairford leasehold property is £350. For Fairford conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

What are the common defects that you encounter in leases for Fairford properties?

There is nothing unique about leasehold conveyancing in Fairford. Most leases are unique and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Skipton Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

Leasehold Conveyancing in Fairford - A selection of Questions you should consider before Purchasing

It would be sensible to discover if there are any onerous restrictions in the lease. For instance it is fairly common in Fairford leases that pets are not allowed in certain buildings in Fairford. If you love the flatin Fairford yet your cat can’t make the move with you then you will be presented with a hard determination.