Expecting to exchange soon on a studio apartment in Potswood. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark

I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Potswood. Conveyancing advisers have are about to be instructed. Will they explain the issues?

Most houses in Potswood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Potswood so you should seriously consider looking for a Potswood conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.

I am a negotiator for a long established estate agency in Potswood where we see a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Potswood conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner 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 has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.

Can you offer any advice when it comes to appointing a Potswood conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Potswood conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Potswood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• If the firm is not ALEP accredited then why not?

What makes a Potswood lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Potswood. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. 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 property
• 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 issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Coventry Building Society, and Platform Home Loans Ltd 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 buyer to pull out.

Leasehold Conveyancing in Potswood - Examples of Questions you should consider before buying

It is important to be aware whether a new roof is being installed or some other major work is due shortly that will be shared by the leaseholders and will materially increase the the service fees or necessitate a specific invoice. Who is in charge of the block? On the whole the cost for major works are not wrapped into the maintenance charges, albeit that there some managing agents in Potswood ask leaseholders to contribute towards a reserve fund created for the specific purpose of building a fund for major repairs or maintenance.

Other Topics

Lease Extensions in Potswood