I am on look out for some leasehold conveyancing in Lake District. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Lake District - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am tempted by the attractive purchase price for a couple of flats in Lake District both have approximately 50 years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Lake District is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, 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 a residence 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 Lake District 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.

I am employed by a reputable estate agent office in Lake District where we see a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Lake District conveyancing solicitors. Could you confirm whether the vendor of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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 purchaser.

What are your top tips when it comes to appointing a Lake District conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Lake District conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Lake District conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

• How familiar is the practice with lease extension legislation?

All being well we will complete our sale of a £125000 flat in Lake District in seven days. The freeholder has quoted £336 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Lake District?

Lake District conveyancing on leasehold maisonettes often involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be content to do so. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you if you want to sell the property.

I own a ground floor flat in Lake District, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Lake District with over 90 years remaining are worth £270,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2078

You have 54 years left to run we estimate the premium for your lease extension to be between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Lake District