Fixed-fee leasehold conveyancing in March:

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Sample questions relating to March leasehold conveyancing

I am on look out for some leasehold conveyancing in March. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in March - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Planning to exchange soon on a basement flat in March. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?

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

  • The total extent of the demise. This will be the apartment itself but could also include a loft or basement if appropriate.
  • Defining your rights in relation to the communal areas in the block.E.G., does the lease permit a right of way over a path or staircase?
  • Are pets allowed in the flat?
  • Whether your lease has a provision for a sinking fund?
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What options are open to you if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in March please ask your conveyancer in ahead of your conveyancing in March

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

    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. It is an essential part 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 March conveyancing firm to deal with our lease extension?

    When appointing a conveyancer for lease extension works (regardless if they are a March conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non March conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

    • How experienced is the firm with lease extension legislation?
  • How many lease extensions have they conducted in March in the last twenty four months?

    • When it comes to leasehold conveyancing in March what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in March. Most leases are individual and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • 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.
    • Maintenance charge proportions which don’t add up to the correct percentage

    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. Nationwide Building Society, Norwich and Peterborough Building Society, and Barclays Direct all have express 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 pull out.

    I acquired a garden flat in March, conveyancing having been completed 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in March with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £55 yearly. The lease expires on 21st October 2093

    With just 67 years left to run the likely cost is going to range between £11,400 and £13,200 as well as professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in March