Expecting to exchange soon on a leasehold property in Askam In Furness. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

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

• The physical extent of the property. This will be the flat itself but might include a roof space or basement if appropriate.
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• What the implications are if you breach a clause of your lease?

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 since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Askam In Furness. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most houses in Askam In Furness are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Askam In Furness so you should seriously consider shopping around for a Askam In Furness conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty 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 maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of flats in Askam In Furness which have approximately 50 years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Askam In Furness is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and lenders, 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 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 Askam In Furness 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.

I work for a long established estate agent office in Askam In Furness where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Askam In Furness conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

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. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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 offer any advice when it comes to choosing a Askam In Furness conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Askam In Furness conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Askam In Furness conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

• If they are not ALEP accredited then why not?
• What volume of lease extensions have they carried out in Askam In Furness in the last year?

I acquired a 1 bedroom flat in Askam In Furness, conveyancing formalities finalised 9 years ago. How much will my lease extension cost? Corresponding properties in Askam In Furness with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2095

With just 69 years left to run the likely cost is going to be between £11,400 and £13,200 plus costs.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.