Due to exchange soon on a basement flat in Milton Keynes. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Milton Keynes should include some of the following:

• The total extent of the premises. This will be the property itself but may include a loft or basement if applicable.
• Do you need to have carpet in the flat or are you allowed wood flooring?
• Are you allowed to have a pet in the flat?
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• Responsibility for repairing the window frames
• What the implications are if you breach a clause of your lease?

I have just started marketing my garden flat in Milton Keynes.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – what should I do?

The sensible thing to do is discharge the service charge 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 until 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 am a negotiator for a long established estate agency in Milton Keynes where we have experienced a few flat sales derailed as a result of short leases. I have received contradictory information from local Milton Keynes conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

An alternative approach is 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 purchaser.

What are your top tips when it comes to finding a Milton Keynes conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Milton Keynes conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Milton Keynes 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 familiar is the firm with lease extension legislation?
• If they are not ALEP accredited then what is the reason?

When it comes to leasehold conveyancing in Milton Keynes what are the most frequent lease problems?

Leasehold conveyancing in Milton Keynes is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• 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

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Coventry Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

Milton Keynes Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

You should want to discover as much as you can about the company managing the building as they can either make life much simpler or problematic. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the communal areas. Enquire of prospective neighbours if they are happy with their service. On a final note, investigate as to the dates that the maintenance fees are due to the managing agents and precisely what it includes.