Expecting to exchange soon on a basement flat in Sheringham. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

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

• The total extent of the demise. This will be the property itself but could also include a roof space or cellar if appropriate.

I’m about to sell my basement apartment in Sheringham.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

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 managing agents 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've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Sheringham. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Sheringham are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Sheringham so you should seriously consider shopping around for a Sheringham conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two flats in Sheringham which have about forty five years left on the lease term. Will this present a problem?

There are plenty of short leases in Sheringham. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field

I've recently bought a leasehold property in Sheringham. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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. However, 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).

Sheringham Leasehold Conveyancing - Examples of Queries before buying

Best to be warned if a new roof is being put on or some other significant cost is due in the near future to be shared amongst the tenants and could well materially impact the level of the service charges or result in a one off invoice. What is the service charge and ground rent on the flat? Who manages the building?

Other Topics

Lease Extensions in Sheringham