I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Flackwell Heath. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

Most houses in Flackwell Heath are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Flackwell Heath in which case you should be looking for a Flackwell Heath conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.

Back In 2004, I bought a leasehold flat in Flackwell Heath. Conveyancing and Barnsley Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Flackwell Heath who previously acted has now retired.What should I do?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Flackwell Heath conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of apartments in Flackwell Heath which have in the region of 50 years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Flackwell Heath is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive 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 Flackwell Heath 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.

I am a negotiator for a long established estate agent office in Flackwell Heath where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Flackwell Heath conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?

As long as 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

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.

Do you have any top tips for leasehold conveyancing in Flackwell Heath with the purpose of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Flackwell Heath can be bypassed where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers solicitors.
• If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Flackwell Heath state that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such changes. Where you dont have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer before hand.

I acquired a leasehold flat in Flackwell Heath, conveyancing formalities finalised 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Flackwell Heath with a long lease are worth £270,000. The ground rent is £50 per annum. The lease terminates on 21st October 2095

With just 71 years unexpired we estimate the premium for your lease extension to be between £13,300 and £15,400 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive 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 should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

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Lease Extensions in Flackwell Heath