I am in need of some leasehold conveyancing in Highnam. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Highnam - 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.

Looking forward to sign contracts shortly on a leasehold property in Highnam. Conveyancing solicitors have said that they report fully on Monday. What should I be looking out for?

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

• The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• Setting out your legal entitlements in relation to common areas in the building.For example, does the lease include a right of way over an accessway or staircase?
• Whether your lease has a provision for a reserve fund?
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• What you can do if a neighbour is in violation of a provision in their lease?
• What the implications are if you breach a clause of your lease?

I am attracted to a two apartments in Highnam both have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Highnam. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

I work for a busy estate agency in Highnam where we see a few flat sales put at risk due to short leases. I have received contradictory information from local Highnam conveyancing firms. Could you confirm whether the owner of a flat can initiate the lease extension process 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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 purchaser.

Do you have any top tips for leasehold conveyancing in Highnam from the perspective of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Highnam can be reduced where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
• Many freeholders or Management Companies in Highnam levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Highnam.
• If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
• If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Obtaining a new share certificate is often a lengthy process and frustrates many a Highnam conveyancing transaction. Where a reissued share is needed, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
• You believe that you know the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

I invested in buying a 2 bed flat in Highnam, conveyancing was carried out in 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Highnam with a long lease are worth £250,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2098

With just 72 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.