Planning to complete next month on a leasehold property in Leeswood. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Leeswood should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark

Last month I purchased a leasehold property in Leeswood. Am I liable to pay service charges for periods before completion of my purchase?

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 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).

What advice can you give us when it comes to appointing a Leeswood conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Leeswood conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Leeswood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• How experienced is the firm with lease extension legislation?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £200000 apartment in Leeswood on Monday in a week. The freeholder has quoted £372 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Leeswood?

Leeswood conveyancing on leasehold flats usually requires the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to do so. They may levy a reasonable administration fee for answering questions 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 transactions it is above £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to sell the property.

Are there frequently found problems that you encounter in leases for Leeswood properties?

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

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• 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 could 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 Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

Leeswood Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

How many of the leaseholders are in arrears for their service charge payments? The prefered form of lease structure is a share of the freehold. In this scenario the tenants enjoy control and although a managing agent is often retained if it is bigger than a house conversion, the managing agent is directed by the tenants. This information is helpful as a) areas may cause problems for the building as the common areas may start to deteriorate if services remain unpaid b) if the tenants have an issue with the running of the building you will need to know about it

Other Topics

Lease Extensions in Leeswood