I am attracted to a two apartments in Dymock both have approximately forty five years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Dymock is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with under 75 years become less and less marketable. 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 premises 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 Dymock 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 any new 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.

I am a negotiator for a busy estate agent office in Dymock where we have witnessed a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Dymock conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

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.

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

If you are instructing a property lawyer for lease extension works (regardless if they are a Dymock conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Dymock conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• How experienced is the firm with lease extension legislation?

Can they put you in touch with client in Dymock who can give a testimonial?

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

• Much of the frustration in leasehold conveyancing in Dymock can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Dymock state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such works. Should you dont have the approvals to hand do not communicate with the landlord without checking with your lawyer first.

If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled.

If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Organising a duplicate share certificate is often a lengthy process and frustrates many a Dymock conveyancing deal. Where a duplicate share is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

You believe that you know the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

All being well we will complete the sale of our £450000 apartment in Dymock in 10 days. The management company has quoted £324 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Dymock?

For the majority of leasehold sales in Dymock conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing pre-exchange enquiries
• Where consent is required before sale in Dymock
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Dymock leasehold property is £350. For Dymock conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

I own a studio flat in Dymock, conveyancing was carried out in 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Dymock with over 90 years remaining are worth £182,000. The ground rent is £65 invoiced annually. The lease terminates on 21st October 2087

You have 63 years unexpired we estimate the premium for your lease extension to be between £18,100 and £20,800 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do 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 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.

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Lease Extensions in Dymock