I am in need of some leasehold conveyancing in Cotham. Before I get started I want to be sure as to the unexpired term of the lease.

If the lease is registered - and almost all are in Cotham - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am attracted to a couple of apartments in Cotham which have approximately 50 years unexpired on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Last month I purchased a leasehold house in Cotham. Do I have any liability for service charges relating to a period prior to my ownership?

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. However, 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).

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

If you are instructing a conveyancer for lease extension works (regardless if they are a Cotham conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Cotham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• Can they put you in touch with client in Cotham who can give a testimonial?
• What are the charges for lease extension conveyancing?

Do you have any advice for leasehold conveyancing in Cotham with the purpose of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Cotham can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
• The majority landlords or managing agents in Cotham charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Cotham.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Cotham state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you dont have the approvals in place do not communicate with the landlord without checking with your conveyancer in the first instance.
• Some Cotham 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 buyers or their solicitors.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

I inherited a studio flat in Cotham, conveyancing having been completed in 2002. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Cotham with a long lease are worth £201,000. The ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2088

With just 62 years left to run we estimate the price of your lease extension to range between £20,900 and £24,200 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.