I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Barrow In Furness. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Barrow In Furness ?

The majority of houses in Barrow In Furness are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Barrow In Furness in which case you should be looking for a Barrow In Furness conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.

I work for a busy estate agency in Barrow In Furness where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Barrow In Furness conveyancing firms. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner 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. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

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 buyer.

What advice can you give us when it comes to finding a Barrow In Furness conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Barrow In Furness conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Barrow In Furness conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• What volume of lease extensions have they completed in Barrow In Furness in the last 12 months?
• What are the legal fees for lease extension conveyancing?

Do you have any advice for leasehold conveyancing in Barrow In Furness from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Barrow In Furness can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives.
• The majority landlords or Management Companies in Barrow In Furness levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack 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 cause of frustration in leasehold conveyancing in Barrow In Furness.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Barrow In Furness state that internal structural changes or installing wooden flooring require a licence from the Landlord approving such works. Where you fail to have the approvals in place you should not contact the landlord without checking with your lawyer in the first instance.
• Some Barrow In Furness leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
• If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Arranging a new share certificate is often a time consuming process and frustrates many a Barrow In Furness conveyancing deal. Where a duplicate share is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

What makes a Barrow In Furness lease defective?

There is nothing unique about leasehold conveyancing in Barrow In Furness. All leases are unique and drafting errors can sometimes mean that certain provisions are missing. 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
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

I acquired a garden flat in Barrow In Furness, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Barrow In Furness with over 90 years remaining are worth £165,000. The ground rent is £65 charged once a year. The lease expires on 21st October 2106

With only 80 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 plus legals.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.