Expecting to sign contracts shortly on a studio apartment in Saffron Walden. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?

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

• Defining your rights in respect of common areas in the block.By way of example, does the lease grant a right of way over an accessway or staircase?

I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Saffron Walden. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Saffron Walden ?

The majority of houses in Saffron Walden are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Saffron Walden in which case you should be looking for a Saffron Walden conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.

My wife and I purchased a leasehold house in Saffron Walden. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Saffron Walden who previously acted has now retired.Do I pay?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Saffron Walden conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of flats in Saffron Walden both have approximately forty five years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Saffron Walden is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Saffron Walden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

We expect to complete our sale of a £225000 maisonette in Saffron Walden on Friday in a week. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Saffron Walden?

Saffron Walden conveyancing on leasehold maisonettes normally requires the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They are at liberty invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality one has no choice but to pay whatever is demanded should you wish to sell the property.

Leasehold Conveyancing in Saffron Walden - A selection of Questions you should ask Prior to buying

Be sure to discover if there is anything that is prohibited in the lease. By way of example it is very common in Saffron Walden leases that pets are not allowed in in a block in Saffron Walden. If you love the flatin Saffron Walden but your dog is not allowed to live with you then you have a very difficult decision. For most Saffron Walden leaseholds the outlay for major works are not included within service charges, albeit that there some managing agents in Saffron Walden ask leaseholders to contribute towards a reserve fund created for the specific intention of establishing a fund for major works. Best to be warned if a new roof is being installed or some other significant cost is due shortly to be shared amongst the tenants and will dramatically increase the the service costs or require a specific invoice.

Other Topics

Lease Extensions in Saffron Walden