Looking forward to sign contracts shortly on a garden flat in Silverstone. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

• Do you need to have carpet in the flat or are you allowed wood flooring?

I've found a house that appears to meet my requirements, at a reasonable 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 particular concerns purchasing a house with a leasehold title in Silverstone. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

The majority of houses in Silverstone are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Silverstone in which case you should be looking for a Silverstone conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.

I own a leasehold flat in Silverstone. Conveyancing and Godiva Mortgages Ltd mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Silverstone who previously acted has long since retired.What should I do?

The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Silverstone conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Last month I purchased a leasehold flat in Silverstone. Do I have any liability for service charges relating to a period prior to 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

I am a negotiator for a reputable estate agency in Silverstone where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Silverstone conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.

Silverstone Leasehold Conveyancing - A selection of Questions you should ask before Purchasing

Please note if it is no more than 80 years it will have adverse implications on the marketability of the flat. Check with your bank that they are happy with remaining years on the lease. A short lease means that you will most likely require a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you will need to own the premises for 24 months in order to be entitled to extend the lease. How many of the leaseholders are in arrears for their service charge payments? This information is helpful as a) areas may result in problems for the block as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to have all the details

Other Topics

Lease Extensions in Silverstone