Looking forward to complete next month on a basement flat in Iver. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

Estate agents have just been given the go-ahead to market my ground floor flat in Iver.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?

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 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 hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Iver. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Iver ?

The majority of houses in Iver are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Iver in which case you should be looking for a Iver conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.

I am attracted to a couple of apartments in Iver which have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Iver is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Iver 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

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

When appointing a property lawyer for your lease extension (regardless if they are a Iver conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Iver conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How experienced is the firm with lease extension legislation?

I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Iver conveyancing firm to represent me?

in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to decide the amount due.

An example of a Freehold Enfranchisement decision for a Iver flat is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The the number of years remaining on the existing lease(s) was 69 years.

Other Topics

Lease Extensions in Iver