I am in need of some leasehold conveyancing in Hilton. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Hilton - 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’m about to sell my ground floor flat in Hilton.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – what should I do?

It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Hilton. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Hilton ?

The majority of houses in Hilton are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Hilton in which case you should be shopping around for a Hilton conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.

I am looking at a couple of flats in Hilton which have in the region of 50 years left on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Hilton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and mortgage companies, leases with under 75 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 Hilton 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.

I am a negotiator for a long established estate agent office in Hilton where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Hilton conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has owned the lease 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 need not have 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 before, or simultaneously with completion of the disposal of the property.

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.

I inherited a 1st floor flat in Hilton, conveyancing formalities finalised in 2007. How much will my lease extension cost? Equivalent properties in Hilton with over 90 years remaining are worth £185,000. The ground rent is £45 per annum. The lease ends on 21st October 2103

You have 79 years unexpired we estimate the price of your lease extension to span between £12,400 and £14,200 as well as legals.

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 without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account 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 getting professional advice.

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Lease Extensions in Hilton