Expecting to sign contracts shortly on a garden flat in Preston Park. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

• The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
• Defining your rights in relation to common areas in the building.By way of example, does the lease include a right of way over a path or hallways?
• Does the lease require carpeting throughout thus preventing wood flooring?
• You must be told what constitutes a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• What the implications are if you breach a clause of your lease?

I am attracted to a couple of flats in Preston Park both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Preston Park. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field

I've recently bought a leasehold house in Preston Park. Do I have any liability for service charges relating to a period prior to my ownership?

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 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 provide any top tips for leasehold conveyancing in Preston Park with the intention of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Preston Park can be reduced where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
• In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Preston Park leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such alterations. If you fail to have the paperwork to hand you should not communicate with the landlord without checking with your solicitor first.
• Some Preston Park leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Obtaining a new share certificate can be a lengthy process and delays many a Preston Park home move. Where a duplicate share is necessary, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.
• You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

When it comes to leasehold conveyancing in Preston Park what are the most common lease problems?

Leasehold conveyancing in Preston Park is not unique. Most leases are individual 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:

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• 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. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

Preston Park Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

If a Preston Park lease has less than eighty years it will impact the marketability of the flat. It is worth checking with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would need to own the property for two years in order to be eligible to exercise a lease extension. It is important to be aware whether redecorating or some other major work is due shortly that will be shared by the leasehold owners and could well dramatically increase the the maintenance fees or require a specific invoice.