Planning to exchange soon on a ground floor flat in Longhope. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Longhope should include some of the following:

• You should be sent a copy of the lease

I have just appointed agents to market my garden flat in Longhope.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge invoice – what should I do?

The sensible thing to do is pay the invoice 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. This will smooth the conveyancing process.

I've recently bought a leasehold flat in Longhope. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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).

What are your top tips when it comes to finding a Longhope conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Longhope conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Longhope conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• How many lease extensions have they carried out in Longhope in the last year?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £325000 maisonette in Longhope on Wednesday in a week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Longhope?

Longhope conveyancing on leasehold flats normally necessitates the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be content to do so. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.

I inherited a 2 bed flat in Longhope, conveyancing was carried out 2001. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Longhope with an extended lease are worth £167,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2083

With 58 years unexpired we estimate the premium for your lease extension to be between £22,800 and £26,400 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Longhope