I am on look out for some leasehold conveyancing in Toddington. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Toddington - 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.

Planning to sign contracts shortly on a basement flat in Toddington. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

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

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

Defining your rights in respect of common areas in the building.E.G., does the lease contain a right of way over an accessway or staircase?

Whether your lease has a provision for a reserve fund?

Repair and maintenance of the flat

Changes to the flat (alterations and additions)

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required

The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For details of the information to be contained in your report on your leasehold property in Toddington please enquire of your lawyer in advance of your conveyancing in Toddington

I’m about to sell my basement flat in Toddington.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – what should I do?

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 management companies 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 tempted by the attractive purchase price for a two maisonettes in Toddington which have approximately 50 years left on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Toddington is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Toddington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

We expect to complete the sale of our £450000 apartment in Toddington on Tuesday in a week. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Toddington?

Toddington conveyancing on leasehold apartments usually necessitates fees being levied by landlords agents :

• Answering pre-contract questions
• Where consent is required before sale in Toddington
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Toddington leasehold premises is £350. For Toddington conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

Toddington Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

The prefered form of lease structure is a share of the freehold. In this arrangement the tenants enjoy being in charge if their destiny and even though a managing agent is often retained if it is bigger than a house conversion, the managing agent is directed by the tenants. Plenty Toddington leasehold flats will be liable to pay a service charge for the upkeep of the block levied on behalf of the management company. If you purchase the apartment you will have to meet this amount, usually in instalments throughout the year. This could be anything from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge for you to pay yearly, ordinarily this is not a significant amount, say around £50-£100 but you should to check it because on occasion it could be prohibitively expensive. What is the name of the managing agents?

Other Topics

Lease Extensions in Toddington