Planning to sign contracts shortly on a garden flat in Copmanthorpe. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?

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

• The total extent of the premises. This will be the property itself but may include a loft or cellar if appropriate.

I have just appointed agents to market my 2 bed flat in Copmanthorpe.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – Do I pay up?

It best that you 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 managing agents 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. This will smooth the conveyancing process.

I work for a long established estate agency in Copmanthorpe where we have experienced a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Copmanthorpe conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

What advice can you give us when it comes to finding a Copmanthorpe conveyancing practice to carry out our lease extension conveyancing?

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

• How familiar is the firm with lease extension legislation?

What makes a Copmanthorpe lease problematic?

Leasehold conveyancing in Copmanthorpe is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

I own a studio flat in Copmanthorpe, conveyancing was carried out 6 years ago. How much will my lease extension cost? Comparable flats in Copmanthorpe with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2085

You have 60 years left to run the likely cost is going to range between £20,000 and £23,000 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Copmanthorpe