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

There are plenty of short leases in Byfleet. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold flat in Byfleet. Do I have any liability for service charges for periods before completion of my purchase?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

What advice can you give us when it comes to choosing a Byfleet conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Byfleet conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Byfleet conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• Can they put you in touch with client in Byfleet who can give a testimonial?

What are the costs for lease extension work?

We expect to complete our sale of a £250000 garden flat in Byfleet in just under a week. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Byfleet?

Byfleet conveyancing on leasehold maisonettes normally involves administration charges invoiced by freeholders :

• Answering pre-contract questions
• Where consent is required before sale in Byfleet
• 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 Byfleet leasehold property is £350. For Byfleet 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 provide answers.

What makes a Byfleet lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Byfleet. All leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Bank of Ireland 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, forcing the purchaser to pull out.

I acquired a leasehold flat in Byfleet, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Byfleet with over 90 years remaining are worth £205,000. The ground rent is £60 yearly. The lease finishes on 21st October 2093

You have 68 years unexpired we estimate the price of your lease extension to span between £14,300 and £16,400 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Byfleet