Fixed-fee leasehold conveyancing in Patcham:

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Top Five Questions relating to Patcham leasehold conveyancing

I am on look out for some leasehold conveyancing in Patcham. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Patcham - then the leasehold title will always include the basic details 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.

Due to sign contracts shortly on a ground floor flat in Patcham. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Patcham should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Patcham please ask your lawyer in ahead of your conveyancing in Patcham

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

    In a situation where the service charge has already been demanded from the previous owner 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. 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).

    Can you offer any advice when it comes to appointing a Patcham conveyancing firm to deal with our lease extension?

    If you are instructing a solicitor for lease extension works (regardless if they are a Patcham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Patcham 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 useful:

    • What volume of lease extensions have they completed in Patcham in the last twenty four months?
  • Can they put you in touch with client in Patcham who can give a testimonial?

    • In relation to leasehold conveyancing in Patcham what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Patcham. Most leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • 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

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, and Nottingham Building Society 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

    Leasehold Conveyancing in Patcham - A selection of Questions you should ask before buying

      What is the name of the managing agents? The majority of Patcham leasehold flats will incur a service charge for maintenance of the block levied on behalf of the management company. Where you purchase the property you will have to pay this liability, normally in instalments during the year. This could vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a rentcharge to be met yearly, ordinarily this is not a exorbitant sum, say approximately £50-£100 but you should to enquire as on occasion it could be prohibitively expensive. How many of the leaseholders are in arrears for their maintenance charge payments?

    Other Topics

    Lease Extensions in Patcham