Having had my offer accepted I require leasehold conveyancing in Abbots Bromley. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Abbots Bromley - 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 attracted to a couple of flats in Abbots Bromley which have about fifty years remaining on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Abbots Bromley is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with less than eighty 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 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 Abbots Bromley 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.

I've recently bought a leasehold house in Abbots Bromley. Do I have any liability for service charges for periods before completion of my purchase?

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).

What advice can you give us when it comes to choosing a Abbots Bromley conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Abbots Bromley 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 talk with several firms including non Abbots Bromley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• If the firm is not ALEP accredited then what is the reason?

What makes a Abbots Bromley lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Abbots Bromley. All leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.

I own a basement flat in Abbots Bromley, conveyancing formalities finalised 2009. How much will my lease extension cost? Similar flats in Abbots Bromley with an extended lease are worth £249,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2075

With only 50 years unexpired we estimate the price of your lease extension to be between £42,800 and £49,400 as well as legals.

The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. 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 placing reliance on this information before getting professional advice.

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Lease Extensions in Abbots Bromley