I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Lozells. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Lozells ?

The majority of houses in Lozells 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. It is clear that you are buying in Lozells so you should seriously consider shopping around for a Lozells conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should advise you fully on all the issues.

I am looking at a couple of maisonettes in Lozells which have in the region of forty five years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Lozells. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

Last month I purchased a leasehold house in Lozells. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

Completion in due on the sale of our £225000 apartment in Lozells in seven days. The landlords agents has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Lozells?

Lozells conveyancing on leasehold flats ordinarily results in administration charges invoiced by landlords agents :

• Addressing pre-exchange questions
• Where consent is required before sale in Lozells
• Copies of the building insurance and schedule
• 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 Lozells leasehold premises is £350. For Lozells 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 required to supply answers.

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

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

• A provision to repair to or maintain parts of the building
• 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 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. Halifax, Bank of Scotland, and Clydesdale 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 grant the mortgage, forcing the purchaser to pull out.

I own a 1st floor flat in Lozells, conveyancing formalities finalised in 2005. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Lozells with over 90 years remaining are worth £205,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2079

With just 54 years left to run the likely cost is going to range between £28,500 and £33,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Lozells