Having had my offer accepted I require leasehold conveyancing in Montpelier. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is registered - and most are in Montpelier - 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 hoping to exchange soon on a studio apartment in Montpelier. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

I am looking at a two maisonettes in Montpelier which have in the region of fifty years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Montpelier is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat 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 Montpelier conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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've recently bought a leasehold flat in Montpelier. Am I liable to pay 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

Can you provide any advice for leasehold conveyancing in Montpelier from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Montpelier can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
• Many freeholders or Management Companies in Montpelier charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Montpelier.

I inherited a basement flat in Montpelier, conveyancing having been completed 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Montpelier with an extended lease are worth £241,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2077

With 52 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Montpelier