Having had my offer accepted I require leasehold conveyancing in Wide Open. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in Wide Open - 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.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Wide Open. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Wide Open ?

Most houses in Wide Open are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Wide Open so you should seriously consider shopping around for a Wide Open conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.

Last month I purchased a leasehold house in Wide Open. Am I liable to pay service charges for periods before my ownership?

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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).

I work for a long established estate agency in Wide Open where we see a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Wide Open conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

What advice can you give us when it comes to appointing a Wide Open conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Wide Open conveyancing practice) it is imperative 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 Wide Open conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• Can they put you in touch with client in Wide Open who can give a testimonial?

Wide Open Leasehold Conveyancing - A selection of Questions you should consider Prior to buying

Be sure to find out if the the lease includes any unreasonable restrictions in the lease. For instance some leases prohibit pets being permitted in in a block in Wide Open. If you like the propertyin Wide Open but your dog can’t live with you then you have a very difficult choice. Where a Wide Open lease has no more than 80 years it will impact the marketability of the property. It is worth checking with your bank that they are happy with remaining years on the lease. A short lease 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 would cost. For most Wide Openlease extensions you will need to own the property for 24 months before you are legally able to exercise a lease extension. How much is the annual maintenance fee and ground rent?

Other Topics

Lease Extensions in Wide Open