I am hoping to complete next month on a basement flat in Gilberdyke. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Gilberdyke should include some of the following:

• You should be sent a copy of the lease

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Gilberdyke. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Gilberdyke are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Gilberdyke in which case you should be shopping around for a Gilberdyke conveyancing practitioner 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 tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. 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 lawyer will advise you fully on all the issues.

My wife and I purchased a leasehold house in Gilberdyke. Conveyancing and Clydesdale mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Gilberdyke who acted for me is not around.Any advice?

First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Gilberdyke conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two maisonettes in Gilberdyke both have in the region of forty five years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Gilberdyke is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less attractive. 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 property 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 Gilberdyke conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Can you offer any advice when it comes to appointing a Gilberdyke conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Gilberdyke conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Gilberdyke conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How experienced is the firm with lease extension legislation?

I own a 2 bed flat in Gilberdyke, conveyancing having been completed in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Gilberdyke with over 90 years remaining are worth £205,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2078

With only 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Gilberdyke