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Top Five Questions relating to Mosborough leasehold conveyancing

Expecting to complete next month on a studio apartment in Mosborough. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Mosborough 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 not letting the lease term falling below eighty years
  • Will you be prohibited or prevented from having pets in the property?
  • You should be told what counts as a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Mosborough please ask your lawyer in ahead of your conveyancing in Mosborough

    • I have just started marketing my ground floor apartment in Mosborough.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – Do I pay up?

    It best that you pay the invoice 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 work for a busy estate agency in Mosborough where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Mosborough conveyancing solicitors. Please can you confirm whether the owner 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have 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 before, or at the same time as completion of the sale.

    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.

    Do you have any top tips for leasehold conveyancing in Mosborough with the aim of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Mosborough can be bypassed if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Mosborough leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such alterations. Should you dont have the consents in place you should not contact the landlord without checking with your lawyer first.
  • A minority of Mosborough leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Arranging a re-issued share certificate can be a time consuming process and slows down many a Mosborough home move. Where a reissued share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

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

    There is nothing unique about leasehold conveyancing in Mosborough. All leases is drafted differently and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    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. Accord Mortgages Ltd, Chelsea Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Leasehold Conveyancing in Mosborough - A selection of Questions you should consider before Purchasing

      How many of the leaseholders are in arrears for their service charge payments? It would be prudent to enquire if the the lease contains any adverse restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in in a block in Mosborough. If you like the propertyin Mosborough but your dog is not allowed to make the move with you then you have a very hard decision. How long is the Lease?

    Other Topics

    Lease Extensions in Mosborough