I am in need of some leasehold conveyancing in Shard End. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Shard End - 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.

I’m about to sell my garden apartment in Shard End.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – what should I do?

It best that you pay the service charge 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 unless 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 attracted to a couple of flats in Shard End both have in the region of fifty years unexpired on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Shard End is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 Shard End 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

If all goes to plan we aim to complete the sale of our £475000 apartment in Shard End next week. The managing agents has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Shard End?

Shard End conveyancing on leasehold apartments usually involves the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to assist. They are entitled invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

When it comes to leasehold conveyancing in Shard End what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Shard End. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• 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. Santander, Skipton Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.

Shard End Leasehold Conveyancing - A selection of Questions you should consider before Purchasing

Generally speaking the cost for major works are not wrapped into the service charges, although a few managing agents in Shard End require leaseholders to contribute towards a reserve fund created for the specific intention of establishing a fund for larger repairs or maintenance. The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants enjoy control and even though a managing agent is usually employed where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. It would be sensible to discover as much as possible concerning the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the tidiness of the common parts. Enquire of prospective neighbours what they think of their management. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending the funds.

Other Topics

Lease Extensions in Shard End