I have just appointed agents to market my ground floor apartment in Toddington.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?

The sensible thing to do is discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two maisonettes in Toddington which have about forty five years remaining on the lease term. Will this present a problem?

There are plenty of short leases in Toddington. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise 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 protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

I work for a busy estate agent office in Toddington where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Toddington conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have 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 simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 advice can you give us when it comes to appointing a Toddington conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Toddington conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Toddington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• If the firm is not ALEP accredited then why not?

What are the frequently found deficiencies that you see in leases for Toddington properties?

Leasehold conveyancing in Toddington is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

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. Yorkshire Building Society, Coventry Building Society, and Britannia 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 provide security, forcing the buyer to pull out.

Leasehold Conveyancing in Toddington - Sample of Queries Prior to buying

What prohibitions exist in the Toddington Lease? It would be a good idea to enquire if the the lease contains any onerous restrictions in the lease. By way of example it is fairly common in Toddington leases that pets are not permitted in certain buildings in Toddington. If you like the propertyin Toddington yet your cat is not allowed to live with you then you have a very difficult compromise. How many of the leaseholders are in arrears for their maintenance charge payments?

Other Topics

Lease Extensions in Toddington