I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Castle Bromwich. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Castle Bromwich ?

Most houses in Castle Bromwich are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Castle Bromwich so you should seriously consider looking for a Castle Bromwich conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.

My wife and I purchased a leasehold house in Castle Bromwich. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Castle Bromwich who acted for me is not around.What should I do?

First contact HMLR to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Castle Bromwich conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a reputable estate agency in Castle Bromwich where we have experienced a number of leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Castle Bromwich conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension process 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. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 provide any advice for leasehold conveyancing in Castle Bromwich from the perspective of expediting the sale process?

• Much of the delay in leasehold conveyancing in Castle Bromwich can be reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Castle Bromwich state that internal structural changes or installing wooden flooring require a licence issued by the Landlord consenting to such alterations. Should you dont have the consents to hand you should not communicate with the landlord without contacting your conveyancer first.
• A minority of Castle Bromwich leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
• If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unsettled.
• If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Arranging a re-issued share certificate can be a lengthy formality and slows down many a Castle Bromwich conveyancing deal. If a duplicate share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.

Are there frequently found deficiencies that you see in leases for Castle Bromwich properties?

Leasehold conveyancing in Castle Bromwich is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that 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 elements of the premises
• 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 encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Platform Home Loans Ltd all have express 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 purchaser to withdraw.

I invested in buying a 2 bed flat in Castle Bromwich, conveyancing was carried out 2011. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Castle Bromwich with a long lease are worth £188,000. The ground rent is £45 per annum. The lease ends on 21st October 2096

With just 70 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.