Having had my offer accepted I require leasehold conveyancing in Flitwick. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Flitwick - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Flitwick. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Flitwick ?

Most houses in Flitwick are freehold and not 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 Flitwick so you should seriously consider looking for a Flitwick conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.

I am attracted to a two maisonettes in Flitwick which have approximately fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Flitwick is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive 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 property 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 Flitwick 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 the agreed 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 house in Flitwick. Do I have any liability for service charges for periods before my ownership?

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. 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).

I work for a long established estate agent office in Flitwick where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Flitwick conveyancing firms. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

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.

Flitwick Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

The answer will be important as a) areas could cause problems for the building as the common areas may begin to deteriorate if repairs remain unpaid b) if the tenants have an issue with the managing agents you will want to have full disclosure Plenty Flitwick leasehold apartments will have a service bill for the upkeep of the building set by the landlord. If you acquire the flat you will have to pay this liability, normally in instalments accross the year. This may be anything from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent for you to pay yearly, normally this is not a significant sum, say around £25-£75 but you should to enquire as occasionally it can be surprisingly expensive. The best form of lease structure is a share of the freehold. In this scenario the lessees have control and notwithstanding that a managing agent is usually retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders.

Other Topics

Lease Extensions in Flitwick