I have just started marketing my 2 bed apartment in Summertown.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – Do I pay up?

The sensible thing to do is 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 until 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 looking at a two maisonettes in Summertown both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Summertown. The lease is a right to use the premises for a period of time. As the lease shortens the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field

I am a negotiator for a reputable estate agent office in Summertown where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Summertown conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

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. The benefit of this is that the proposed purchaser can avoid having to wait 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 simultaneously with 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 buyer.

What are your top tips when it comes to appointing a Summertown conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Summertown conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Summertown conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• Can they put you in touch with client in Summertown who can give a testimonial?

What makes a Summertown lease problematic?

There is nothing unique about leasehold conveyancing in Summertown. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• 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 encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Barnsley Building Society, and TSB 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 problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

Summertown Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing

The prefered form of lease arrangement is if the freehold reversion is owned by the leaseholders. In this situation the lessees enjoy control and although a managing agent is often retained where the building is bigger than a house conversion, the managing agent employed by the leaseholders. Make sure you enquire if the the lease includes any adverse restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Summertown. If you love the apartmentin Summertown yet your dog can’t move with you then you will be faced difficult determination. Plenty Summertown leasehold apartments will incur a service charge for maintenance of the building set on behalf of the freeholder. Where you purchase the property you will have to meet this liability, normally quarterly during the year. This can differ from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met yearly, ordinarily this is not a exorbitant sum, say around £50-£100 but you need to check it because sometimes it could be many hundreds of pounds.

Other Topics

Lease Extensions in Summertown