Planning to complete next month on a basement flat in Fulwell. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?

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

• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a sinking fund?
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• 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

Estate agents have just been given the go-ahead to market my 2 bed flat in Fulwell.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – what should I do?

The sensible thing to do is discharge the service charge 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 unless 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. This will smooth the conveyancing process.

I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Fulwell. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Fulwell ?

The majority of houses in Fulwell are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Fulwell in which case you should be shopping around for a Fulwell conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. 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 freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.

I am looking at a two flats in Fulwell which have approximately forty five years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Fulwell is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Fulwell 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 any new 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.

My wife and I have hit a brick wall in trying to purchase the freehold in Fulwell. Can this matter be resolved via the Leasehold Valuation Tribunal?

You certainly can. We are happy to put you in touch with a Fulwell conveyancing firm who can help.

An example of a Lease Extension decision for a Fulwell property is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The unexpired term was 60.45 years.

In relation to leasehold conveyancing in Fulwell what are the most frequent lease problems?

Leasehold conveyancing in Fulwell is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. 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
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Bank of Scotland, and Aldermore 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.

Fulwell Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

How is the lease structured? How many years remain on the lease?