I own a leasehold flat in Codsall. Conveyancing and Halifax mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Codsall who acted for me is not around.What should I do?

The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Codsall conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I've recently bought a leasehold property in Codsall. Am I liable to pay 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. Strange as it may seem, 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 be sure 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).

I am a negotiator for a busy estate agent office in Codsall where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Codsall conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension formalities 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 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.

Do you have any top tips for leasehold conveyancing in Codsall with the aim of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Codsall can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
• Many freeholders or managing agents in Codsall charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Codsall.

In relation to leasehold conveyancing in Codsall what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Codsall. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• 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 a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

I acquired a split level flat in Codsall, conveyancing having been completed in 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Codsall with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2080

With only 54 years remaining on your lease we estimate the price of your lease extension to range between £28,500 and £33,000 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 investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Codsall