Expecting to complete next month on a studio apartment in Finchampstead. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a reserve fund?
• You should have a good understanding of the insurance provisions
• Repair and maintenance of the flat
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

I’m about to sell my basement flat in Finchampstead.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – what should I do?

It best that you 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 management companies 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 today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Finchampstead. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Finchampstead ?

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 apparent that you are purchasing in Finchampstead so you should seriously consider shopping around for a Finchampstead conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.

Last month I purchased a leasehold flat in Finchampstead. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 ensure 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).

Do you have any advice for leasehold conveyancing in Finchampstead from the point of view of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Finchampstead can be avoided where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers conveyancers.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Finchampstead leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Where you dont have the approvals in place do not communicate with the landlord without checking with your solicitor first.
• Some Finchampstead leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual 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 purchasers or their solicitors.
• If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Obtaining a replacement share certificate is often a lengthy formality and slows down many a Finchampstead home move. Where a duplicate share certificate is needed, do contact the company officers or managing agents (if applicable) for this as soon as possible.
• You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

Leasehold Conveyancing in Finchampstead - Sample of Queries Prior to Purchasing

How much is the maintenance charge and ground rent on the property?