Planning to complete next month on a basement flat in Mortimer. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Mortimer should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• The physical extent of the property. This will be the flat itself but may include a roof space or basement if applicable.
• Setting out your rights in relation to common areas in the block.For example, does the lease provide for a right of way over a path or hallways?
• You need to be told what constitutes a Nuisance in the lease
• Repair and maintenance of the flat

I am tempted by the attractive purchase price for a two apartments in Mortimer which have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Mortimer. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

I am employed by a busy estate agency in Mortimer where we see a few flat sales jeopardised due to short leases. I have been given contradictory information from local Mortimer conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

We expect to complete our sale of a £ 475000 maisonette in Mortimer in nine days. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Mortimer?

Mortimer conveyancing on leasehold flats normally involves the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to assist. They are entitled levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations 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 one has little option but to pay whatever is demanded if you want to sell the property.

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

Leasehold conveyancing in Mortimer is not unique. All leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the premises
• Insurance obligations
• 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 could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Royal Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

Leasehold Conveyancing in Mortimer - Sample of Questions you should consider before buying

Does this lease have in excess of 80 years unexpired?