I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Milton. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

The majority of houses in Milton are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Milton so you should seriously consider shopping around for a Milton conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of apartments in Milton which have in the region of forty five years remaining on the lease term. should I be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

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

When appointing a solicitor for your lease extension (regardless if they are a Milton conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Milton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How experienced is the firm with lease extension legislation?

What are the costs for lease extension conveyancing?

Can you provide any top tips for leasehold conveyancing in Milton with the aim of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Milton can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers representatives.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Milton state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. If you dont have the consents to hand do not communicate with the landlord without contacting your solicitor in the first instance.

If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over rather than ongoing.

If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Obtaining a re-issued share certificate can be a lengthy process and delays many a Milton home move. If a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.

You believe that you know the number of years remaining on your lease but you should double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

All being well we will complete the disposal of our £300000 flat in Milton next Monday . The freeholder has quoted £372 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Milton?

Milton conveyancing on leasehold maisonettes usually involves administration charges invoiced by freeholders :

• Addressing pre-exchange questions
• Where consent is required before sale in Milton
• Supplying insurance information
• 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 Milton leasehold premises is £350. For Milton 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 provide answers.

Milton Leasehold Conveyancing - Examples of Questions you should consider before buying

For many Milton leaseholds the cost for major works tend not to be built into the maintenance charges, albeit that there some managing agents in Milton require leasehold owners to pay into a sinking fund and this is used to offset against major works. Is the freehold owned collectively by the tenants? You should be aware if it is no more than eighty years it will have adverse implications on the marketability of the apartment. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of what this would cost. For most Miltonlease extensions you will be be obliged to have been the owner of the premises for two years in order to be entitled to extend the lease.

Other Topics

Lease Extensions in Milton