I am hoping to complete next month on a basement flat in Allestree. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

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

• You should receive a copy of the lease

I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Allestree. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

Most houses in Allestree are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Allestree in which case you should be looking for a Allestree conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.

I've recently bought a leasehold flat in Allestree. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 are your top tips when it comes to appointing a Allestree conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Allestree conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Allestree conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• What volume of lease extensions have they completed in Allestree in the last year?

All being well we will complete the disposal of our £450000 apartment in Allestree next Friday . The landlords agents has quoted £384 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Allestree?

Allestree conveyancing on leasehold flats often necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They are entitled invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

I own a ground floor flat in Allestree, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Allestree with a long lease are worth £185,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ceases on 21st October 2092

With only 67 years unexpired the likely cost is going to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Allestree