I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Machen. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Machen ?

The majority of houses in Machen are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Machen in which case you should be shopping around for a Machen conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.

I work for a reputable estate agency in Machen where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Machen conveyancing solicitors. Can you clarify whether the seller 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 needs to be completed before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

What advice can you give us when it comes to choosing a Machen conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Machen conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Machen conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• What volume of lease extensions have they carried out in Machen in the last 12 months?
• What are the costs for lease extension conveyancing?

Can you provide any top tips for leasehold conveyancing in Machen with the intention of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Machen can be avoided if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
• Many landlords or Management Companies in Machen levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Machen.
• If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Machen leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such works. Where you fail to have the consents to hand you should not contact the landlord without contacting your conveyancer in the first instance.
• If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Arranging a new share certificate can be a lengthy process and slows down many a Machen home move. Where a reissued share certificate is needed, do contact the company officers or managing agents (where applicable) for this as soon as possible.
• You may think that you are aware of the number of years left on your lease but you should verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

What makes a Machen lease unmortgageable?

Leasehold conveyancing in Machen is not unique. Most leases are unique and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

Machen Leasehold Conveyancing - A selection of Questions you should ask before buying

Who are the managing agents? How much is the maintenance charge and ground rent on the property?