I am on look out for some leasehold conveyancing in Barlborough. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Barlborough - 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 looking at a two maisonettes in Barlborough which have in the region of 50 years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Barlborough is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with under 75 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 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 Barlborough 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 the agreed 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.

Can you offer any advice when it comes to appointing a Barlborough conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Barlborough conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Barlborough 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 useful:

• How experienced is the practice with lease extension legislation?

Do you have any advice for leasehold conveyancing in Barlborough from the point of view of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Barlborough can be avoided where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers representatives.
• Many landlords or managing agents in Barlborough charge for supplying 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 typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Barlborough.

What are the common problems that you come across in leases for Barlborough properties?

Leasehold conveyancing in Barlborough is not unique. Most leases are individual and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Skipton Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

I bought a 1 bedroom flat in Barlborough, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Barlborough with a long lease are worth £225,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2093

You have 69 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Barlborough