I am hoping to exchange soon on a basement flat in Finchampstead. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Finchampstead. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Finchampstead are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Finchampstead in which case you should be shopping around for a Finchampstead conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Finchampstead which have approximately fifty years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Finchampstead is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with less than 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 Finchampstead 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I've recently bought a leasehold flat in Finchampstead. 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. It is an essential part 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).

What advice can you give us when it comes to choosing a Finchampstead conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Finchampstead conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Finchampstead conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• If the firm is not ALEP accredited then why not?

Leasehold Conveyancing in Finchampstead - A selection of Questions you should consider Prior to Purchasing

How many of the leaseholders are in arrears for their maintenance charge payments? Does this lease have in excess of 85 years left? The majority of Finchampstead leasehold flats will have a service charge for the upkeep of the building levied by the landlord. Should you acquire the flat you will have to pay this liability, usually periodically accross the year. This may vary from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a ground rent for you to pay yearly, normally this is not a exorbitant figure, say around £50-£100 but you need to check as on occasion it can be surprisingly expensive.

Other Topics

Lease Extensions in Finchampstead