I have just appointed agents to market my 2 bed apartment in Gedling.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you 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 management companies will not acknowledge the buyer unless 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. This will smooth the conveyancing process.

I am employed by a reputable estate agency in Gedling where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Gedling conveyancing solicitors. Could you confirm whether the seller of a flat can instigate 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. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 purchaser.

What advice can you give us when it comes to appointing a Gedling conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Gedling conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Gedling conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• If they are not ALEP accredited then why not?

Can you provide any top tips for leasehold conveyancing in Gedling with the intention of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Gedling can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
• The majority landlords or managing agents in Gedling levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Gedling.

All being well we will complete the sale of our £375000 apartment in Gedling on Thursday in a week. The managing agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Gedling?

Gedling conveyancing on leasehold flats normally involves the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be willing to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to sell the property.

I own a leasehold flat in Gedling, conveyancing having been completed 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Gedling with over 90 years remaining are worth £180,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2079

With 54 years remaining on your lease we estimate the price of your lease extension to span between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above 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. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional 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 without first getting professional advice.

Other Topics

Lease Extensions in Gedling