I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Chantry. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

The majority of houses in Chantry are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Chantry so you should seriously consider looking for a Chantry conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.

Back In 2008, I bought a leasehold house in Chantry. Conveyancing and Coventry Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Chantry who acted for me is not around.Do I pay?

The first thing you should do is contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Chantry conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Chantry both have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

I work for a long established estate agent office in Chantry where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Chantry conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 buyer.

Can you provide any advice for leasehold conveyancing in Chantry with the purpose of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Chantry can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
• The majority freeholders or managing agents in Chantry charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Chantry.

I bought a leasehold flat in Chantry, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Chantry with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2081

With just 56 years remaining on your lease we estimate the premium for your lease extension to span between £24,700 and £28,600 plus legals.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures 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 move forward placing reliance on this information before seeking the advice of a professional.

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Lease Extensions in Chantry