Looking forward to complete next month on a basement flat in Trowbridge Estate. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Trowbridge Estate should include some of the following:

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

I have just appointed agents to market my 2 bed apartment in Trowbridge Estate.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?

It best that you pay 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 own a leasehold flat in Trowbridge Estate. Conveyancing and Bank of Scotland mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Trowbridge Estate who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Trowbridge Estate conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Trowbridge Estate both have about 50 years left on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Trowbridge Estate is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat 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 a residence 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 Trowbridge Estate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Last month I purchased a leasehold property in Trowbridge Estate. Am I liable to pay service charges relating to a period prior to completion of my purchase?

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. However, 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).

Leasehold Conveyancing in Trowbridge Estate - Sample of Queries Prior to Purchasing

The best form of lease arrangement is if the freehold title is in the ownership of the leaseholders. In this arrangement the leaseholders benefit from being in charge if their destiny and notwithstanding that a managing agent is often employed where it is bigger than a house conversion, the managing agent is directed by the tenants. Its a good idea to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Enquire of other people whether they are happy with their service. On a final note, find out the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending that money. You should be aware that where the lease has no more than eighty years it will have adverse implications on the marketability of the flat. Check with your bank that they are content with residual term of the lease. A short lease means that you will probably need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will need to own the premises for two years in order to be legally able to exercise a lease extension.

Other Topics

Lease Extensions in Trowbridge Estate