Looking forward to sign contracts shortly on a leasehold property in Blakelaw. Conveyancing solicitors inform me 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 Blakelaw should include some of the following:

• You should be sent a copy of the lease

I am attracted to a two flats in Blakelaw which have approximately fifty years remaining on the lease term. Do I need to be concerned?

There are plenty of short leases in Blakelaw. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. 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 because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Last month I purchased a leasehold property in Blakelaw. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to choosing a Blakelaw conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Blakelaw conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Blakelaw 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:

• If they are not ALEP accredited then what is the reason?

Completion in due on the sale of our £400000 maisonette in Blakelaw on Monday in a week. The management company has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Blakelaw?

Blakelaw conveyancing on leasehold flats more often than not necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be willing to assist. They are entitled levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the charge is not strictly payable. In reality you have no option but to pay whatever is demanded should you wish to sell the property.

I acquired a 1 bedroom flat in Blakelaw, conveyancing having been completed 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Blakelaw with an extended lease are worth £223,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2083

With only 58 years remaining on your lease the likely cost is going to be between £22,800 and £26,400 as well as legals.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Blakelaw