Looking forward to exchange soon on a garden flat in Yaxley. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

• The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
• Are you allowed to have a pet in the flat?
• You should have a good understanding of the insurance provisions
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• 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

I have just started marketing my ground floor flat in Yaxley.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should 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 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 Yaxley both have about fifty years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Yaxley. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field

I am employed by a busy estate agency in Yaxley where we have experienced a few leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Yaxley conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as 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. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is 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 buyer.

What are your top tips when it comes to finding a Yaxley conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Yaxley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Yaxley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How familiar is the practice with lease extension legislation?
• Can they put you in touch with client in Yaxley who can give a testimonial?

Yaxley Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying

What is the maintenance charge and ground rent on the property? What restrictions are there in the Yaxley Lease?