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Top Five Questions relating to Repton leasehold conveyancing

I only have Seventy years remaining on my lease in Repton. I am keen to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to find the landlord. For most situations a specialist may be useful to conduct investigations and prepare an expert document to be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the application to the County Court overseeing Repton.

Estate agents have just been given the go-ahead to market my basement flat in Repton.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should 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 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 hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Repton. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Repton ?

Most houses in Repton are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Repton in which case you should be shopping around for a Repton conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out 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 will appraise you on the various issues.

Do you have any top tips for leasehold conveyancing in Repton with the aim of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Repton can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
  • The majority landlords or managing agents in Repton charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Repton.
  • A minority of Repton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Obtaining a new share certificate can be a time consuming process and slows down many a Repton home move. Where a duplicate share is necessary, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What are the common problems that you encounter in leases for Repton properties?

    Leasehold conveyancing in Repton is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

    Repton Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing

      Many Repton leasehold properties will be liable to pay a service charge for the upkeep of the block set on behalf of the freeholder. Should you buy the apartment you will have to meet this liability, normally in instalments accross the year. This may be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge for you to pay yearly, normally this is not a large figure, say about £50-£100 but you need to check it because occasionally it could be surprisingly expensive. You should want to find out as much as possible regarding the managing agents as they can either make your life much easier or much more difficult. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to day to day issues like the tidiness of the communal areas. You should not be shy to ask other tenants whether they are happy with them. Finally, find out the dates that the maintenance charges are due to the relevant party and precisely what you get for your money. Generally speaking the outlay for major works are not included within maintenance charges, albeit that there some managing agents in Repton ask tenants to pay into a reserve fund and this is used to offset against major works.

    Other Topics

    Lease Extensions in Repton