Planning to exchange soon on a ground floor flat in Fakenham. Conveyancing solicitors assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Fakenham should include some of the following:

• You should receive a copy of the lease

I have just appointed agents to market my basement apartment in Fakenham.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – Do I pay up?

The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a couple of flats in Fakenham which have approximately fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Fakenham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Fakenham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you offer any advice when it comes to finding a Fakenham conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Fakenham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Fakenham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• How experienced is the firm with lease extension legislation?

What makes a Fakenham lease defective?

There is nothing unique about leasehold conveyancing in Fakenham. All leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Leeds Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

Fakenham Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing

How many years are left on the lease? The majority of Fakenham leasehold apartments will have a service bill for the upkeep of the block invoiced by the management company. Should you buy the apartment you will have to meet this liability, usually in instalments accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent for you to pay annual, this is usually not a large amount, say approximately £25-£75 but you should to check it because on occasion it can be many hundreds of pounds. What prohibitions are contained in the Fakenham Lease?

Other Topics

Lease Extensions in Fakenham