Expecting to exchange soon on a basement flat in Cross Hands. 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 Cross Hands should include some of the following:

• You should receive a copy of the lease

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Cross Hands. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

The majority of houses in Cross Hands are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Cross Hands in which case you should be shopping around for a Cross Hands conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

My wife and I purchased a leasehold house in Cross Hands. Conveyancing and The Mortgage Works mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Cross Hands who previously acted has now retired.Any advice?

First contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Cross Hands conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of apartments in Cross Hands which have in the region of forty five years left on the lease term. Will this present a problem?

There are plenty of short leases in Cross Hands. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

I am a negotiator for a long established estate agency in Cross Hands where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Cross Hands conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as 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 buyer.

I own a 1 bedroom flat in Cross Hands, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Cross Hands with over 90 years remaining are worth £243,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2097

With just 75 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

Other Topics

Lease Extensions in Cross Hands