Planning to sign contracts shortly on a studio apartment in Wells. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?

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

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

The total extent of the premises. This will be the flat itself but might incorporate a roof space or cellar if appropriate.

Defining your rights in respect of the communal areas in the building.E.G., does the lease contain a right of way over a path or hallways?

Whether your lease has a provision for a sinking fund?

Changes to the flat (alterations and additions)

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

What options are open to you if a neighbour breach a clause of their lease? For details of the information to be included in your report on your leasehold property in Wells please ask your lawyer in ahead of your conveyancing in Wells

I am tempted by the attractive purchase price for a two apartments in Wells both have approximately 50 years remaining on the leases. should I be concerned?

A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold flat in Wells. Do I have any liability for service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

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

When appointing a solicitor for lease extension works (regardless if they are a Wells conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Wells conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• How familiar is the practice with lease extension legislation?

What are the legal fees for lease extension work?

We expect to complete the sale of our £200000 maisonette in Wells next Tuesday . The management company has quoted £324 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Wells?

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

• Addressing pre-contract questions
• Where consent is required before sale in Wells
• Supplying insurance information
• 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 Wells leasehold premises is £350. For Wells 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 required to provide answers.

Leasehold Conveyancing in Wells - A selection of Questions you should consider before Purchasing

The answer will be important as a) areas could result in problems in the building as the communal areas may start to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will wish to have all the details Is the freehold owned jointly by the leaseholders? What restrictions are there in the Wells Lease?

Other Topics

Lease Extensions in Wells