I am on look out for some leasehold conveyancing in Ruddington. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and most are in Ruddington - 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 exchange soon on a garden flat in Ruddington. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark

Estate agents have just been given the go-ahead to market my garden apartment in Ruddington.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should 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 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. This will smooth the conveyancing process.

I am looking at a two flats in Ruddington which have about fifty years left on the leases. Do I need to be concerned?

There are plenty of short leases in Ruddington. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

I am employed by a busy estate agency in Ruddington where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Ruddington conveyancing solicitors. Can you shed some light as to whether the owner of a flat can instigate the lease extension process 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.

Ruddington Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying

The best form of lease arrangement is a share of the freehold. In this situation the leaseholders enjoy control and notwithstanding that a managing agent is usually employed if it is bigger than a house conversion, the managing agent employed by the leaseholders. Is anyone aware of any major works on the horizon that will likely add a premium to the maintenance fees? Please note that where the lease has fewer than 80 years it will have adverse implications on the value of the property. Check with your lender that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out how much this will be. For most Ruddingtonlease extensions you would need to own the residence for a couple of years in order to be legally able to exercise a lease extension.

Other Topics

Lease Extensions in Ruddington