Planning to sign contracts shortly on a garden flat in Fenstanton. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Fenstanton should include some of the following:

• You should be sent a copy of the lease

Back In 2001, I bought a leasehold flat in Fenstanton. Conveyancing and Nottingham Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Fenstanton who previously acted has long since retired.Do I pay?

First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Fenstanton conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a long established estate agent office in Fenstanton where we see a few leasehold sales put at risk due to short leases. I have received conflicting advice from local Fenstanton conveyancing firms. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

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

When appointing a conveyancer for your lease extension (regardless if they are a Fenstanton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Fenstanton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How experienced is the firm with lease extension legislation?

What makes a Fenstanton lease defective?

There is nothing unique about leasehold conveyancing in Fenstanton. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• 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

You could 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. Barclays , Virgin Money, and Godiva Mortgages Ltd all have express requirements 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 withdraw.

Fenstanton Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

What is the annual maintenance fee and ground rent? Please note that where the lease has fewer than eighty years it will affect the value of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will almost definitely require a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you will be required to have been the owner of the residence for a couple of years in order to be legally able to exercise a lease extension. You will want to discover as much as you can regarding the managing agents as they will either make life much easier or problematic. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Ask other people what they think of their service. In conclusion, find out the dates that the maintenance fees are due to the managing agents and precisely what it includes.

Other Topics

Lease Extensions in Fenstanton