Planning to exchange soon on a studio apartment in Broughton In Furness. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?

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

• You should receive a copy of the lease

I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Broughton In Furness. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Broughton In Furness are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Broughton In Furness so you should seriously consider shopping around for a Broughton In Furness conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.

I work for a busy estate agency in Broughton In Furness where we have witnessed a number of flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Broughton In Furness conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 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 at the same time as completion of the sale.

An alternative approach is 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 purchaser.

Can you offer any advice when it comes to finding a Broughton In Furness conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Broughton In Furness conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Broughton In Furness conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• What volume of lease extensions has the firm carried out in Broughton In Furness in the last twenty four months?

Are there common problems that you come across in leases for Broughton In Furness properties?

There is nothing unique about leasehold conveyancing in Broughton In Furness. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

I purchased a ground floor flat in Broughton In Furness, conveyancing formalities finalised in 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Broughton In Furness with a long lease are worth £203,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2100

You have 75 years left to run 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 that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

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Lease Extensions in Broughton In Furness