I am in need of some leasehold conveyancing in Ladywood. Before diving in I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Ladywood - then the leasehold title will always include the short particulars 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.

Looking forward to exchange soon on a leasehold property in Ladywood. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Ladywood. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Ladywood are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Ladywood in which case you should be shopping around for a Ladywood conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will advise you fully on all the issues.

I am a negotiator for a busy estate agent office in Ladywood where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Ladywood conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is 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 buyer.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175000 flat in Ladywood next week. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Ladywood?

Ladywood conveyancing on leasehold maisonettes normally involves the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to address such questions most will be willing to assist. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

Leasehold Conveyancing in Ladywood - Sample of Queries Prior to buying

Generally speaking the cost for major works are not included within service charges, albeit that some managing agents in Ladywood ask leasehold owners to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance. Its a good idea to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the communal areas. You should not be shy to ask prospective neighbours what they think of their service. On a final note, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what it includes. Does this lease have more than 80 years remaining?

Other Topics

Lease Extensions in Ladywood