Looking forward to exchange soon on a basement flat in Sandiacre. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

Defining your rights in relation to common areas in the building.For instance, does the lease provide for a right of way over a path or staircase?

Are you allowed to have a pet in the flat?

Whether the lease restricts you from renting out the property, or having a home office for business

Whether your lease has a provision for a reserve fund?

Changes to the flat (alterations and additions)

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Sandiacre please ask your conveyancer in advance of your conveyancing in Sandiacre

I am attracted to a two apartments in Sandiacre which have in the region of fifty years remaining on the leases. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold house in Sandiacre. Am I liable to pay service charges for periods before my ownership?

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. Strange as it may seem, 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 Sandiacre with the intention of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Sandiacre can be reduced where you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
• The majority freeholders or managing agents in Sandiacre levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Sandiacre.

If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing.

If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate is often a time consuming process and frustrates many a Sandiacre conveyancing transaction. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.

You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 apartment in Sandiacre on Thursday in a week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Sandiacre?

For most leasehold sales in Sandiacre conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering pre-exchange enquiries
• Where consent is required before sale in Sandiacre
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Sandiacre leasehold property is £350. For Sandiacre conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

I own a ground floor flat in Sandiacre, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Sandiacre with an extended lease are worth £267,000. The average or mid-range amount of ground rent is £60 levied per year. The lease expires on 21st October 2092

With only 67 years unexpired we estimate the price of your lease extension to span between £16,200 and £18,600 as well as costs.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Sandiacre