I have just started marketing my garden apartment in Stechford.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge 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.

Back In 2003, I bought a leasehold flat in Stechford. Conveyancing and The Royal Bank of Scotland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Stechford who acted for me is not around.Any advice?

First contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Stechford conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Stechford both have approximately 50 years left on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold house in Stechford. Am I liable to pay service charges for periods before my ownership?

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. 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 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).

What makes a Stechford lease unmortgageable?

There is nothing unique about leasehold conveyancing in Stechford. All leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions 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, obliging the buyer to withdraw.

Stechford Conveyancing for Leasehold Flats - Sample of Queries before buying

The prefered form of lease structure is a share of the freehold. In this arrangement the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is frequently employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Make sure you find out if there is anything that is prohibited in the lease. For example it is reasonably common in Stechford leases that pets are not allowed in certain buildings in Stechford. If you like the propertyin Stechford however your cat is not allowed to move with you then you have a very hard determination. If a Stechford lease has less than 80 years it will affect the salability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and you need to have some idea of what this will be. For most Stechfordlease extensions you would need to own the premises for 24 months before you are legally able to extend the lease.

Other Topics

Lease Extensions in Stechford