Having had my offer accepted I require leasehold conveyancing in Oughtibridge. Before diving in I would like to find out the unexpired term of the lease.

If the lease is registered - and most are in Oughtibridge - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Expecting to exchange soon on a basement flat in Oughtibridge. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?

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

• You should be sent a copy of the lease

I’m about to sell my 2 bed flat in Oughtibridge.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – Do I pay up?

It best that you clear 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 managing agents 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 tempted by the attractive purchase price for a two maisonettes in Oughtibridge which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Oughtibridge is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Oughtibridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

We expect to complete the disposal of our £350000 garden flat in Oughtibridge in seven days. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Oughtibridge?

Oughtibridge conveyancing on leasehold maisonettes more often than not involves the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.

Leasehold Conveyancing in Oughtibridge - Sample of Questions you should ask Prior to Purchasing

This information is helpful as a) areas may cause problems in the block as the communal areas may start to deteriorate if services remain unpaid b) if the tenants have a dispute with the managing agents you will wish to know about it The best form of lease arrangement is where the freehold interest is owned by the leaseholders. In this scenario the leaseholders benefit from control and even though a managing agent is frequently retained where it is bigger than a house conversion, the managing agent employed by the leaseholders. Its a good idea to find out as much as you can regarding the company managing the block as they can either make your living at the property much simpler or problematic. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical matters like the tidiness of the common parts. Ask other people if they are happy with their service. In conclusion, be sure you understand the dates that the service charges are due to the managing agents and specifically what it includes.

Other Topics

Lease Extensions in Oughtibridge