Planning to complete next month on a ground floor flat in Chelmsley Wood. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Chelmsley Wood should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• Repair and maintenance of the flat
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• What options are open to you if a neighbour breach a clause of their lease?

I am attracted to a couple of apartments in Chelmsley Wood both have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Chelmsley Wood is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat 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 premises 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 Chelmsley Wood 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 am employed by a busy estate agency in Chelmsley Wood where we have experienced a number of leasehold sales derailed as a result of short leases. I have been given contradictory information from local Chelmsley Wood conveyancing solicitors. Can you clarify whether the vendor of a flat can commence the lease extension process for the buyer?

As long as the seller has owned the lease 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. The benefit of this is 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

What advice can you give us when it comes to finding a Chelmsley Wood conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Chelmsley Wood conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Chelmsley Wood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How familiar is the firm with lease extension legislation?
• Can they put you in touch with client in Chelmsley Wood who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Chelmsley Wood with the intention of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Chelmsley Wood can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
• Many landlords or managing agents in Chelmsley Wood levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Chelmsley Wood.
• Some Chelmsley Wood leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain 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 lawyers.
• If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
• If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Organising a re-issued share certificate is often a time consuming process and delays many a Chelmsley Wood conveyancing transaction. If a new share is necessary, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.

I invested in buying a 1 bedroom flat in Chelmsley Wood, conveyancing was carried out 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? Comparable flats in Chelmsley Wood with a long lease are worth £268,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2099

You have 73 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.