I am hoping to exchange soon on a garden flat in Hurst. Conveyancing lawyers have said that they are sending me a report tomorrow. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years

Estate agents have just been given the go-ahead to market my ground floor flat in Hurst.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – Do I pay up?

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 management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.

I am attracted to a two maisonettes in Hurst which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Hurst is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hurst conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £475000 garden flat in Hurst next Friday . The management company has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Hurst?

Hurst conveyancing on leasehold flats usually requires the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They may charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.

Are there frequently found defects that you encounter in leases for Hurst properties?

Leasehold conveyancing in Hurst is not unique. Most leases is drafted differently 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:

• Repairing obligations to or maintain elements 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Chelsea Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Hurst Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

Is the freehold reversion owned jointly by the leaseholders? Where a Hurst lease has fewer than 80 years it will impact the salability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out what this would cost. For most Hurstlease extensions you would need to own the residence for a couple of years before you are eligible to exercise a lease extension. What is the length of the lease?

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Lease Extensions in Hurst