Planning to sign contracts shortly on a leasehold property in Gedling. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Gedling should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

I have just started marketing my garden flat in Gedling.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Gedling. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Gedling are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Gedling in which case you should be shopping around for a Gedling conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.

I work for a reputable estate agent office in Gedling where we see a number of flat sales derailed as a result of short leases. I have received contradictory information from local Gedling conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

All being well we will complete the sale of our £475000 garden flat in Gedling on Tuesday in a week. The freeholder has quoted £324 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Gedling?

Gedling conveyancing on leasehold apartments more often than not involves the buyer’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to do so. They may invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.

I bought a split level flat in Gedling, conveyancing having been completed 2003. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Gedling with an extended lease are worth £200,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2090

With only 65 years unexpired we estimate the premium for your lease extension to span between £15,200 and £17,600 as well as professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Gedling