Due to complete next month on a basement flat in City Of London. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in City Of London 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

I have just appointed agents to market my garden flat in City Of London.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the service charge 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've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in City Of London. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in City Of London ?

The majority of houses in City Of London are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in City Of London in which case you should be looking for a City Of London conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.

What are your top tips when it comes to finding a City Of London conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a City Of London conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non City Of London conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How many lease extensions has the firm completed in City Of London in the last 12 months?

What makes a City Of London lease defective?

There is nothing unique about leasehold conveyancing in City Of London. All leases are individual and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Royal Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in City Of London - Examples of Queries before buying

Is there a share of the freehold? Please note if it is fewer than 80 years it will impact the salability of the flat. It is worth checking with your bank that they are happy with remaining years on the lease. Leases with less than 80 years remaining 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 will be. Remember, in most cases you will be be obliged to have owned the premises for a couple of years before you are legally able to exercise a lease extension. It would be prudent to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to day to day issues such as the tidiness of the common parts. Enquire of other tenants if they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the relevant party and specifically what you get for your money.

Other Topics

Lease Extensions in City Of London