I am a negotiator for a long established estate agent office in Frizington where we have experienced a number of flat sales derailed due to short leases. I have received contradictory information from local Frizington conveyancing solicitors. Can you confirm whether the seller of a flat can initiate the lease extension formalities 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 sit tight for 2 years for a lease extension. 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 buyer.

What are your top tips when it comes to finding a Frizington conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Frizington conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Frizington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• What volume of lease extensions has the firm conducted in Frizington in the last year?

What are the legal fees for lease extension conveyancing?

Do you have any advice for leasehold conveyancing in Frizington with the purpose of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Frizington can be reduced where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
• If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example installed wooden flooring? Frizington leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such changes. If you fail to have the consents in place do not communicate with the landlord without checking with your conveyancer first.

A minority of Frizington leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 purchasers or their solicitors.

If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Arranging a new share certificate can be a lengthy formality and delays many a Frizington home move. Where a reissued share certificate is necessary, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £325000 apartment in Frizington in six days. The managing agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Frizington?

Frizington conveyancing on leasehold flats usually necessitates fees being invoiced by freeholders :

• Completing pre-exchange questions
• Where consent is required before sale in Frizington
• 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 solicitor will have no control over the level of the charges for this information but the average costs for the information for Frizington leasehold premises is £350. For Frizington 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 obliged to provide answers.

When it comes to leasehold conveyancing in Frizington what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Frizington. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Leeds Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in Frizington - A selection of Queries before Purchasing

Is anyone aware of any major works anticipated that could add a premium to the service fees? Its a good idea to discover as much as possible regarding the managing agents as they will either make your life much easier or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the common parts. Ask other tenants what they think of their service. On a final note, be sure you discover the dates that the maintenance fees are due to the relevant party and precisely how they are spending the funds. Who takes responsibility for maintaining and repairing the building?

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Lease Extensions in Frizington