I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Moreton. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Moreton ?

Most houses in Moreton 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. We note that you are buying in Moreton so you should seriously consider shopping around for a Moreton conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.

I've recently bought a leasehold house in Moreton. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee 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).

I am a negotiator for a long established estate agent office in Moreton where we have witnessed a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Moreton conveyancing firms. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. 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 sale.

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 buyer.

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

When appointing a property lawyer for your lease extension (regardless if they are a Moreton conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Moreton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How experienced is the firm with lease extension legislation?

If all goes to plan we aim to complete the sale of our £500000 apartment in Moreton next Thursday . The freeholder has quoted £360 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Moreton?

Moreton conveyancing on leasehold apartments more often than not involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be willing to do so. They are entitled levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

Moreton Conveyancing for Leasehold Flats - Sample of Queries before buying

The answer will be helpful as a) areas could cause problems for the block as the communal areas may start to deteriorate if services are not paid for b) if the tenants have a dispute with the running of the building you will need to have complete disclosure It is important to be aware if redecorating or some other major work is coming up that will be shared between the tenants and may well dramatically increase the the maintenance charges or require a one time invoice. If a Moreton lease has less than 80 years it will have adverse implications on the value of the apartment. Check with your bank that they are willing to go ahead with the loan 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 how much this would cost. For most Moretonlease extensions you will need to own the property for 24 months before you are entitled to extend the lease.

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Lease Extensions in Moreton