Due to sign contracts shortly on a basement flat in Leconfield. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

The physical extent of the premises. This will be the flat itself but could also include a roof space or basement if applicable.

Whether the lease restricts you from letting out the flat, or having a home office for business

Whether your lease has a provision for a reserve fund?

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

What you can do if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Leconfield please ask your solicitor in ahead of your conveyancing in Leconfield

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Leconfield. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Leconfield ?

Most houses in Leconfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Leconfield so you should seriously consider shopping around for a Leconfield conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.

Back In 2004, I bought a leasehold house in Leconfield. Conveyancing and Britannia mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Leconfield who acted for me is not around.Any advice?

First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Leconfield conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Completion in due on our sale of a £325000 flat in Leconfield next week. The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Leconfield?

For the majority of leasehold sales in Leconfield conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing pre-exchange questions
• Where consent is required before sale in Leconfield
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Leconfield leasehold property is £350. For Leconfield conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

What makes a Leconfield lease unmortgageable?

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

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You may 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. Nationwide Building Society, Skipton Building Society, and Clydesdale 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 problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Leconfield Leasehold Conveyancing - Sample of Questions you should consider before buying

Does the lease have onerous restrictions? Be sure to discover if there is anything that is prohibited in the lease. By way of example some leases prohibit pets being permitted in in a block in Leconfield. If you like the flatin Leconfield yet your cat is not allowed to move with you then you will be presented with a difficult choice. You should be aware that where the lease has less than 80 years it will impact the value of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would need to own the residence for two years before you are eligible to extend the lease.

Other Topics

Lease Extensions in Leconfield