Looking forward to sign contracts shortly on a ground floor flat in Bedale. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Will you be prohibited or prevented from having pets in the property?

I am tempted by the attractive purchase price for a two maisonettes in Bedale which have approximately forty five years left on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

I am employed by a long established estate agency in Bedale where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Bedale conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension process 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. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with 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 purchaser.

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

If you are instructing a conveyancer for your lease extension (regardless if they are a Bedale conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Bedale conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• What volume of lease extensions have they carried out in Bedale in the last 12 months?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £325000 flat in Bedale on Monday in a week. The managing agents has quoted £348 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Bedale?

Bedale conveyancing on leasehold apartments more often than not requires the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to do so. They are at liberty invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to sell the property.

I invested in buying a basement flat in Bedale, conveyancing having been completed in 2001. Can you work out an approximate cost of a lease extension? Similar flats in Bedale with an extended lease are worth £168,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2078

With only 53 years remaining on your lease we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as costs.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Bedale