Planning to exchange soon on a basement flat in Hermitage. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?

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

• The total extent of the property. This will be the apartment itself but might incorporate a roof space or basement if appropriate.

Estate agents have just been given the go-ahead to market my 2 bed apartment in Hermitage.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Hermitage. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Hermitage ?

The majority of houses in Hermitage 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 Hermitage so you should seriously consider looking for a Hermitage conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I work for a reputable estate agent office in Hermitage where we have witnessed a number of leasehold sales jeopardised due to short leases. I have received contradictory information from local Hermitage conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that 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 buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 are your top tips when it comes to appointing a Hermitage conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Hermitage conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Hermitage conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• If they are not ALEP accredited then what is the reason?

I acquired a 1st floor flat in Hermitage, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Hermitage with over 90 years remaining are worth £190,000. The ground rent is £55 per annum. The lease runs out on 21st October 2086

With 61 years left to run we estimate the price of your lease extension to span between £19,000 and £22,000 as well as costs.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Hermitage