I am on look out for some leasehold conveyancing in Haslington. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and most are in Haslington - then the leasehold title will always include the short particulars 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 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 since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Haslington. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Haslington ?

Most houses in Haslington are freehold and not 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. We note that you are purchasing in Haslington so you should seriously consider shopping around for a Haslington conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.

I am looking at a two apartments in Haslington both have approximately forty five years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Haslington is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 property 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 Haslington 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 am a negotiator for a busy estate agent office in Haslington where we have witnessed a few flat sales put at risk due to short leases. I have received conflicting advice from local Haslington conveyancing firms. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

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 buyer can avoid having 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 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 buyer.

Can you offer any advice when it comes to appointing a Haslington conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Haslington 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 talk with several firms including non Haslington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• How familiar is the practice with lease extension legislation?
• How many lease extensions has the firm completed in Haslington in the last twenty four months?

I inherited a garden flat in Haslington, conveyancing was carried out 1996. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Haslington with over 90 years remaining are worth £220,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease finishes on 21st October 2079

With just 53 years remaining on your lease the likely cost is going to be 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 are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.