Expecting to complete next month on a basement flat in Hanslope. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Hanslope. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

Most houses in Hanslope are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Hanslope so you should seriously consider shopping around for a Hanslope conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.

Last month I purchased a leasehold property in Hanslope. 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 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. A critical element 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).

All being well we will complete our sale of a £225000 garden flat in Hanslope next Wednesday . The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Hanslope?

Hanslope conveyancing on leasehold apartments usually requires the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to assist. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.

What are the frequently found deficiencies that you encounter in leases for Hanslope properties?

Leasehold conveyancing in Hanslope is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in Hanslope - Examples of Questions you should consider Prior to buying

Make sure you find out if there are any onerous restrictions in the lease. By way of example it is very common in Hanslope leases that pets are not permitted in in a block in Hanslope. If you love the apartmentin Hanslope but your dog can’t move with you then you will be faced hard determination. For most Hanslope leaseholds the cost for major works are not wrapped into the service charges, although a few managing agents in Hanslope ask leasehold owners to contribute towards a reserve fund created for the specific intention of building a fund for major works. You should be aware that where the lease has fewer than 80 years it will have adverse implications on the value of the apartment. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably require a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would need to own the property for a couple of years before you are legally able to exercise a lease extension.

Other Topics

Lease Extensions in Hanslope