Looking forward to exchange soon on a studio apartment in Byker and Walker. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Byker and Walker should include some of the following:

• Do you need to have carpet in the flat or are you allowed wood flooring?

Estate agents have just been given the go-ahead to market my 2 bed apartment in Byker and Walker.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Byker and Walker. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Byker and Walker ?

The majority of houses in Byker and Walker are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Byker and Walker in which case you should be looking for a Byker and Walker 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 lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of apartments in Byker and Walker both have approximately forty five years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Byker and Walker is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Byker and Walker conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I work for a reputable estate agent office in Byker and Walker where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Byker and Walker conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?

As long as the seller has been the owner 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 buyer need not have to sit tight for 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 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.

I invested in buying a garden flat in Byker and Walker, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Byker and Walker with an extended lease are worth £265,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2104

With just 78 years unexpired 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 above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues 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 before seeking the advice of a professional.

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Lease Extensions in Byker and Walker