Due to complete next month on a ground floor flat in Summertown and Botley. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

Estate agents have just been given the go-ahead to market my garden apartment in Summertown and Botley.Conveyancing has not commenced but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should 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 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 am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Summertown and Botley. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

The majority of houses in Summertown and Botley are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Summertown and Botley so you should seriously consider shopping around for a Summertown and Botley conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am attracted to a two flats in Summertown and Botley both have approximately forty five years unexpired on the leases. should I be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

What makes a Summertown and Botley lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Summertown and Botley. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• 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

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Bank of Ireland all have express 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.

Leasehold Conveyancing in Summertown and Botley - Sample of Queries Prior to buying

Make sure you find out if the the lease contains any unreasonable restrictions in the lease. For example it is reasonably common in Summertown and Botley leases that pets are not permitted in certain buildings in Summertown and Botley. If you like the flatin Summertown and Botley yet your dog is not allowed to make the move with you then you have a very hard determination. Best to be warned whether a new roof is being installed or some other major work is anticipated to be shared amongst the leasehold owners and could well materially impact the level of the maintenance costs or require a one time payment. What is the yearly service fee and ground rent?

Other Topics

Lease Extensions in Summertown and Botley