Having had my offer accepted I require leasehold conveyancing in The Park. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and most are in The Park - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Expecting to exchange soon on a garden flat in The Park. Conveyancing solicitors have said 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 The Park should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I have just started marketing my basement flat in The Park.Conveyancing has not commenced but I have just had a quarterly service charge demand – what should I do?

The sensible thing to do is clear 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 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've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in The Park. Conveyancing advisers have are about to be appointed. Will they explain the issues?

The majority of houses in The Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in The Park so you should seriously consider looking for a The Park conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of flats in The Park both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

Leasehold Conveyancing in The Park - Examples of Questions you should ask Prior to Purchasing

It would be sensible to find out as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to day to day issues such as the tidiness of the communal areas. Ask other tenants what they think of them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes. What is the service charge and ground rent on the property? Please note that where the lease has less than eighty years it will affect the value of the flat. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would need to own the property for two years before you are legally able to extend the lease.

Other Topics

Lease Extensions in The Park