I am on look out for some leasehold conveyancing in Mildmay. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Mildmay - then the leasehold title will always include the short particulars 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.

I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Mildmay. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Mildmay are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Mildmay so you should seriously consider shopping around for a Mildmay conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.

I am tempted by the attractive purchase price for a two apartments in Mildmay which have about forty five years left on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more expensive 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 as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

What advice can you give us when it comes to appointing a Mildmay conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Mildmay conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Mildmay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• How familiar is the practice with lease extension legislation?
• What are the costs for lease extension work?

Can you provide any advice for leasehold conveyancing in Mildmay from the perspective of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Mildmay can be avoided if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
• The majority landlords or Management Companies in Mildmay charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Mildmay.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Mildmay leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you fail to have the consents in place you should not communicate with the landlord without checking with your lawyer before hand.
• A minority of Mildmay leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 buyers or their lawyers.
• If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Organising a duplicate share certificate is often a time consuming process and delays many a Mildmay conveyancing transaction. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.

Leasehold Conveyancing in Mildmay - Sample of Queries Prior to buying

How many of the leaseholders are in arrears for their maintenance charge payments?