Expecting to complete next month on a ground floor flat in Conisbrough. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?

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

• The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

I have just started marketing my ground floor flat in Conisbrough.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is pay 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a two apartments in Conisbrough both have in the region of fifty years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Conisbrough is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and banks, leases with under 75 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 premises 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 Conisbrough 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.

Can you offer any advice when it comes to finding a Conisbrough conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Conisbrough conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Conisbrough conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• What volume of lease extensions has the firm carried out in Conisbrough in the last 12 months?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £275000 maisonette in Conisbrough next week. The management company has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Conisbrough?

Conisbrough conveyancing on leasehold apartments normally requires the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. In reality you have little option but to pay whatever is demanded should you wish to complete the sale of your home.

I own a leasehold flat in Conisbrough, conveyancing was carried out 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Conisbrough with over 90 years remaining are worth £262,000. The ground rent is £60 per annum. The lease expires on 21st October 2095

With 70 years unexpired we estimate the price of your lease extension to be between £11,400 and £13,200 as well as 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 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 are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

Other Topics

Lease Extensions in Conisbrough