I am hoping to exchange soon on a studio apartment in Houghton Regis. Conveyancing lawyers inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

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

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark

I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Houghton Regis. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Houghton Regis ?

Most houses in Houghton Regis are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Houghton Regis so you should seriously consider shopping around for a Houghton Regis conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.

I am attracted to a two maisonettes in Houghton Regis both have approximately forty five years left on the lease term. Will this present a problem?

There are plenty of short leases in Houghton Regis. The lease is a right to use the premises for a period of time. As the lease shortens the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena

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

When appointing a solicitor for lease extension works (regardless if they are a Houghton Regis conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Houghton Regis conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• If the firm is not ALEP accredited then what is the reason?

Are there frequently found problems that you come across in leases for Houghton Regis properties?

There is nothing unique about leasehold conveyancing in Houghton Regis. All leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Aldermore 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 Houghton Regis - A selection of Queries before Purchasing

In the main the cost for major works tend not to be included within service charges, although a few managing agents in Houghton Regis ask leasehold owners to pay into a sinking fund and this is used to offset against larger repairs or maintenance. What is the name of the managing agents? It is important to be aware whether changing the roof or some other significant cost is due in the foreseeable future that will be shared amongst the leaseholders and could well dramatically increase the the maintenance costs or necessitate a specific payment.

Other Topics

Lease Extensions in Houghton Regis