I am on look out for some leasehold conveyancing in Hedon. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is registered - and most are in Hedon - 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 sign contracts shortly on a garden flat in Hedon. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Hedon should include some of the following:

• Do you need to have carpet in the flat or are you allowed wood flooring?

I am looking at a two flats in Hedon which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Hedon 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 value of the property. The majority of buyers and lenders, leases with less than 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 Hedon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

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

If you are instructing a conveyancer for your lease extension (regardless if they are a Hedon conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Hedon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• Can they put you in touch with client in Hedon who can give a testimonial?

What makes a Hedon lease unacceptable for security purposes?

Leasehold conveyancing in Hedon is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

I purchased a studio flat in Hedon, conveyancing was carried out 2000. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Hedon with a long lease are worth £263,000. The average or mid-range amount of ground rent is £65 per annum. The lease ends on 21st October 2096

You have 71 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 plus costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Hedon