Looking forward to exchange soon on a basement flat in Alfreton. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• You should be told what counts as a Nuisance in the lease
• Whether your lease has a provision for a reserve fund?
• Changes to the flat (alterations and additions)
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Alfreton. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Alfreton ?

The majority of houses in Alfreton are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Alfreton so you should seriously consider shopping around for a Alfreton conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I am looking at a two maisonettes in Alfreton which have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Alfreton is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with under 75 years become less and less marketable. 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 property 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 Alfreton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 am a negotiator for a busy estate agency in Alfreton where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Alfreton conveyancing solicitors. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner 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 proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.

Can you provide any advice for leasehold conveyancing in Alfreton with the aim of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Alfreton can be avoided if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
• The majority landlords or Management Companies in Alfreton levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Alfreton.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Alfreton leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Where you fail to have the approvals to hand you should not contact the landlord without contacting your solicitor in advance.
• Some Alfreton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 solicitors.
• If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Organising a duplicate share certificate can be a lengthy formality and slows down many a Alfreton home move. If a reissued share is necessary, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.

I own a 2 bed flat in Alfreton, conveyancing formalities finalised 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Alfreton with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2103

With only 77 years remaining on your lease the likely cost is going to be between £7,600 and £8,800 as well as costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.