I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Hanslope. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Hanslope are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Hanslope so you should seriously consider looking for a Hanslope conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.

I am attracted to a two flats in Hanslope which have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Hanslope is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. 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 premises 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 Hanslope 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 the agreed 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.

I've recently bought a leasehold house in Hanslope. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

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

When appointing a solicitor for lease extension works (regardless if they are a Hanslope conveyancing practice) 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 two or three firms including non Hanslope conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• What volume of lease extensions has the firm completed in Hanslope in the last twenty four months?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £400000 maisonette in Hanslope on Friday in a week. The management company has quoted £372 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Hanslope?

Hanslope conveyancing on leasehold flats more often than not involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They may charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to sell the property.

I acquired a leasehold flat in Hanslope, conveyancing was carried out in 2009. Can you work out an approximate cost of a lease extension? Similar properties in Hanslope with a long lease are worth £270,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2078

You have 55 years left to run we estimate the price of your lease extension to be between £33,300 and £38,400 plus costs.

The figure 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 detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

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Lease Extensions in Hanslope