Looking forward to sign contracts shortly on a ground floor flat in Barrow In Furness. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

• The physical extent of the property. This will be the apartment itself but could also incorporate a loft or basement if applicable.

Defining your legal entitlements in respect of common areas in the building.E.G., does the lease include a right of way over an accessway or hallways?

Ground rent - how much and when you need to pay, and also know whether this is subject to change

You should have a good understanding of the insurance provisions

Repair and maintenance of the flat

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

What you can do if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Barrow In Furness please enquire of your conveyancer in ahead of your conveyancing in Barrow In Furness

I am tempted by the attractive purchase price for a two apartments in Barrow In Furness both have approximately 50 years remaining on the lease term. should I be concerned?

A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

I am employed by a busy estate agent office in Barrow In Furness where we see a few flat sales jeopardised due to short leases. I have received conflicting advice from local Barrow In Furness conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?

Provided that 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. The benefit of this is 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 needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 choosing a Barrow In Furness conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Barrow In Furness conveyancing firm) 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 Barrow In Furness 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 helpful:

• How many lease extensions have they carried out in Barrow In Furness in the last year?

What are the costs for lease extension conveyancing?

All being well we will complete the sale of our £275000 maisonette in Barrow In Furness in six days. The managing agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Barrow In Furness?

For the majority of leasehold sales in Barrow In Furness conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing pre-contract enquiries
• Where consent is required before sale in Barrow In Furness
• Supplying insurance information
• 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 Barrow In Furness leasehold premises is £350. For Barrow In Furness 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 supply answers.

Leasehold Conveyancing in Barrow In Furness - Examples of Questions you should consider before buying

Best to be warned if fixing the lift or some other significant cost is anticipated that will be shared between the leaseholders and could well materially impact the level of the maintenance costs or require a specific invoice. Does this lease have more than 85 years remaining? Please note if it is fewer than 80 years it will impact the marketability of the flat. It is worth checking with your bank that they are content with the length of the lease. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the residence for a couple of years in order to be eligible to exercise a lease extension.

Other Topics

Lease Extensions in Barrow In Furness