Estate agents have just been given the go-ahead to market my basement flat in Mickleover.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Mickleover. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Mickleover ?

Most houses in Mickleover are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Mickleover so you should seriously consider shopping around for a Mickleover conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.

I am looking at a couple of apartments in Mickleover which have approximately 50 years left on the lease term. Do I need to be concerned?

A lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

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

When appointing a property lawyer for your lease extension (regardless if they are a Mickleover conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Mickleover conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How familiar is the firm with lease extension legislation?
• Can they put you in touch with client in Mickleover who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Mickleover from the point of view of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Mickleover can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
• Many landlords or managing agents in Mickleover levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information 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 cause of frustration in leasehold conveyancing in Mickleover.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Mickleover state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such works. If you dont have the approvals to hand you should not communicate with the landlord without contacting your solicitor first.
• Some Mickleover leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

Mickleover Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing

Are any of leasehold owners in arrears of their service charge payments?