Planning to complete next month on a basement flat in Iver. 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 Iver should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years

I’m about to sell my ground floor flat in Iver.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is clear 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Iver. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Iver ?

The majority of houses in Iver are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Iver in which case you should be looking for a Iver conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of flats in Iver both have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Iver is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 property 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 Iver 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 have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Iver conveyancing firm to help?

if there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to determine the sum to be paid.

An example of a Freehold Enfranchisement case for a Iver premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The unexpired term was 69 years.

Are there frequently found defects that you come across in leases for Iver properties?

Leasehold conveyancing in Iver is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, The Mortgage Works, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

Other Topics

Lease Extensions in Iver