I am on look out for some leasehold conveyancing in Great Barford. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is registered - and most are in Great Barford - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am a negotiator for a busy estate agency in Great Barford where we have experienced a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Great Barford conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that 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 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.

Alternatively, it may be possible 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 purchaser.

Can you offer any advice when it comes to finding a Great Barford conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Great Barford conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Great Barford conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• If the firm is not ALEP accredited then what is the reason?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £450000 flat in Great Barford in nine days. The managing agents has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Great Barford?

Great Barford conveyancing on leasehold flats often requires the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is above £800. The administration charge required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

What makes a Great Barford lease unmortgageable?

Leasehold conveyancing in Great Barford is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• 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 could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

I bought a split level flat in Great Barford, conveyancing formalities finalised in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Great Barford with an extended lease are worth £176,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2082

With just 57 years remaining on your lease the likely cost is going to be between £26,600 and £30,800 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Great Barford