I am on look out for some leasehold conveyancing in Wolviston. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Wolviston - 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 complete next month on a studio apartment in Wolviston. Conveyancing lawyers assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

• The total extent of the property. This will be the flat itself but could also include a loft or basement if appropriate.
• Defining your rights in respect of the communal areas in the block.E.G., does the lease include a right of way over a path or staircase?
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a sinking fund?
• Repair and maintenance of the flat
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• What you can do if a neighbour breach a clause of their lease?

I am looking at a couple of apartments in Wolviston which have about forty five years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Wolviston is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Wolviston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

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

If you are instructing a property lawyer for lease extension works (regardless if they are a Wolviston conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Wolviston conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

• If they are not ALEP accredited then what is the reason?
• What are the legal fees for lease extension conveyancing?

Can you provide any advice for leasehold conveyancing in Wolviston with the intention of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Wolviston can be bypassed if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers lawyers.
• Many landlords or Management Companies in Wolviston charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Wolviston.
• A minority of Wolviston leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 purchasers or their lawyers.
• If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate is often a lengthy formality and slows down many a Wolviston conveyancing deal. Where a duplicate share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I acquired a 1 bedroom flat in Wolviston, conveyancing having been completed 7 years ago. How much will my lease extension cost? Similar properties in Wolviston with a long lease are worth £179,000. The ground rent is £60 invoiced annually. The lease ceases on 21st October 2081

With just 55 years unexpired we estimate the premium for your lease extension to span between £28,500 and £33,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.