Looking forward to complete next month on a ground floor flat in Newent. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?

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

• Defining your rights in respect of the communal areas in the building.By way of example, does the lease grant a right of way over a path or hallways?

I’m about to sell my garden flat in Newent.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – 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 unless 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 today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Newent. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Newent ?

The majority of houses in Newent are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Newent in which case you should be looking for a Newent conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.

I am looking at a two apartments in Newent both have about fifty years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Newent. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold house in Newent. Do I have any liability for service charges for periods before completion of my purchase?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

Newent Conveyancing for Leasehold Flats - Sample of Queries before buying

How many of the leaseholders are in arrears for their maintenance charge payments? Be sure to investigate if there are any onerous restrictions in the lease. By way of example it is fairly common in Newent leases that pets are not permitted in certain buildings in Newent. If you love the apartmentin Newent however your cat is not allowed to make the move with you then you will be presented with a hard decision. If a Newent lease has less than eighty years it will have adverse implications on the salability of the apartment. Check with your bank that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Newentlease extensions you will be required to have been the owner of the residence for two years before you are eligible to extend the lease.

Other Topics

Lease Extensions in Newent