Due to exchange soon on a garden flat in Sacriston. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

My wife and I purchased a leasehold flat in Sacriston. Conveyancing and National Westminster Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Sacriston who acted for me is not around.Any advice?

First make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Sacriston conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of flats in Sacriston which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Sacriston. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field

I am employed by a reputable estate agency in Sacriston where we have witnessed a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Sacriston conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 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 before, 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.

What are your top tips when it comes to choosing a Sacriston conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Sacriston conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Sacriston conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• If the firm is not ALEP accredited then why not?

I am the registered owner of a basement flat in Sacriston, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Sacriston with over 90 years remaining are worth £240,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2075

With just 50 years remaining on your lease the likely cost is going to be between £35,200 and £40,600 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Sacriston