Planning to exchange soon on a ground floor flat in Upney. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. What should I be looking out for?

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

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

You should be told what counts as a Nuisance in the lease

Ground rent - how much and when you need to pay, and also know whether this is subject to change

Whether your lease has a provision for a sinking fund?

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

Responsibility for repairing the window frames

What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Upney please enquire of your conveyancer in ahead of your conveyancing in Upney

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

If you are instructing a property lawyer for your lease extension (regardless if they are a Upney conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Upney conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• What volume of lease extensions have they conducted in Upney in the last 12 months?

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

Can you provide any top tips for leasehold conveyancing in Upney from the point of view of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Upney can be reduced where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
• The majority freeholders or Management Companies in Upney levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Upney.

In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Upney leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such works. Where you dont have the approvals in place do not communicate with the landlord without contacting your lawyer in the first instance.

A minority of Upney leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.

You believe that you know the number of years remaining on your lease but you should double-check via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

If all goes to plan we aim to complete our sale of a £425000 maisonette in Upney on Friday in a week. The freeholder has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Upney?

For the majority of leasehold sales in Upney conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing pre-exchange questions
• Where consent is required before sale in Upney
• 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 lawyer will have no control over the level of the charges for this information but the average costs for the information for Upney leasehold property is £350. For Upney 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 provide answers.

Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Upney. Can this matter be resolved via the Leasehold Valuation Tribunal?

if there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to assess the amount due.

An example of a Lease Extension matter before the tribunal for a Upney premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 61.36 years.

When it comes to leasehold conveyancing in Upney what are the most common lease problems?

Leasehold conveyancing in Upney is not unique. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, The Mortgage Works, and Aldermore all have very detailed requirements 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 purchaser to pull out.

Other Topics

Lease Extensions in Upney