I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Millom. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Millom are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Millom so you should seriously consider shopping around for a Millom conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.

I am looking at a couple of maisonettes in Millom which have about fifty years remaining on the leases. should I be concerned?

There are plenty of short leases in Millom. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

What advice can you give us when it comes to appointing a Millom conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Millom conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Millom 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:

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

Can they put you in touch with client in Millom who can give a testimonial?

Do you have any advice for leasehold conveyancing in Millom with the intention of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Millom can be avoided if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
• The majority landlords or Management Companies in Millom charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Millom.

In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Millom leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such works. If you fail to have the approvals to hand do not contact the landlord without checking with your solicitor first.

If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.

You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the lease term is under 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £450000 garden flat in Millom on Thursday in a week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Millom?

For the majority of leasehold sales in Millom conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing pre-contract enquiries
• Where consent is required before sale in Millom
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Millom leasehold premises is £350. For Millom conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

I acquired a 1st floor flat in Millom, conveyancing having been completed in 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Millom with over 90 years remaining are worth £172,000. The average or mid-range amount of ground rent is £60 per annum. The lease ceases on 21st October 2103

With just 78 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you 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 Millom