Having had my offer accepted I require leasehold conveyancing in Baldock. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Baldock - then the leasehold title will always include the basic details 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 tempted by the attractive purchase price for a two apartments in Baldock which have approximately forty five years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Baldock is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. 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 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 Baldock 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 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 am employed by a reputable estate agency in Baldock where we have experienced a few leasehold sales derailed as a result of short leases. I have received contradictory information from local Baldock conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 disposal of the property.

Alternatively, it may be possible 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.

What are your top tips when it comes to appointing a Baldock conveyancing practice to deal with our lease extension?

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

• How familiar is the practice with lease extension legislation?

Do you have any top tips for leasehold conveyancing in Baldock with the intention of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Baldock can be avoided if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
• Many landlords or managing agents in Baldock levy fees for providing management packs for a leasehold premises. 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 reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Baldock.

Baldock Leasehold Conveyancing - Sample of Queries before buying

Is anyone aware of any major works anticipated that will increase the maintenance charges? How long is the Lease? Best to be warned if changing the roof or some other major work is due in the near future that will be shared by the tenants and will dramatically impact the level of the maintenance costs or result in a one time payment.

Other Topics

Lease Extensions in Baldock