Looking forward to sign contracts shortly on a leasehold property in Lanchester. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

• The total extent of the demise. This will be the apartment itself but could also incorporate a loft or cellar if applicable.
• Are you allowed to have a pet in the flat?
• Does the lease prevent you from letting out the property, or working from home
• You should have a good understanding of the insurance provisions
• Repair and maintenance of the flat
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Lanchester. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Lanchester ?

Most houses in Lanchester are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Lanchester in which case you should be shopping around for a Lanchester conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.

Last month I purchased a leasehold flat in Lanchester. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am employed by a reputable estate agent office in Lanchester where we have experienced a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Lanchester conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?

Provided that the seller has been the owner 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 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 needs to be completed prior to, or at the same time as completion of the sale.

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.

Do you have any top tips for leasehold conveyancing in Lanchester with the purpose of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Lanchester can be reduced where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
• If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Lanchester leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. If you dont have the consents in place do not contact the landlord without contacting your solicitor in the first instance.
• A minority of Lanchester leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
• If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a duplicate share certificate can be a lengthy formality and frustrates many a Lanchester home move. Where a new share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.
• You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the lease term is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

I invested in buying a 2 bed flat in Lanchester, conveyancing was carried out 4 years ago. How much will my lease extension cost? Similar flats in Lanchester with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2099

With just 73 years remaining on your lease we estimate the price of your lease extension to be between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.