I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Alston. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Alston ?

The majority of houses in Alston are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Alston so you should seriously consider looking for a Alston conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two flats in Alston both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Alston is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with under 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 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 Alston 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 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.

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

If you are instructing a solicitor for your lease extension (regardless if they are a Alston conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Alston 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:

• How experienced is the firm with lease extension legislation?
• What are the charges for lease extension work?

Do you have any advice for leasehold conveyancing in Alston with the purpose of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Alston can be avoided if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
• The majority landlords or Management Companies in Alston levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. 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 frequent cause of delay in leasehold conveyancing in Alston.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Alston state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such works. Where you dont have the consents in place do not contact the landlord without checking with your solicitor before hand.
• If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a time consuming formality and delays many a Alston conveyancing deal. Where a duplicate share is required, do contact the company director and secretary or managing agents (if relevant) 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 advisable double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £ 325000 maisonette in Alston on Friday in a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Alston?

Alston conveyancing on leasehold apartments nine out of ten times involves administration charges raised by management companies :

• Completing pre-exchange enquiries
• Where consent is required before sale in Alston
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Alston leasehold property is £350. For Alston conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

Alston Leasehold Conveyancing - Sample of Questions you should ask before Purchasing

On the whole the cost for major works are not included within maintenance charges, although there some managing agents in Alston obliged tenants to pay into a sinking fund and this is used to offset against major works.