I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Jarrow. Conveyancing advisers have are about to be appointed. Will they explain the issues?

The majority of houses in Jarrow are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Jarrow in which case you should be shopping around for a Jarrow conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty 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. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.

I work for a long established estate agent office in Jarrow where we have experienced a number of leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Jarrow conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence 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. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

What are your top tips when it comes to appointing a Jarrow conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Jarrow conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Jarrow conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• What volume of lease extensions have they completed in Jarrow in the last 12 months?

Can you provide any top tips for leasehold conveyancing in Jarrow from the perspective of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Jarrow can be bypassed if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Jarrow leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. If you dont have the approvals in place do not contact the landlord without checking with your conveyancer before hand.

When it comes to leasehold conveyancing in Jarrow what are the most common lease problems?

Leasehold conveyancing in Jarrow is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

I bought a 1 bedroom flat in Jarrow, conveyancing formalities finalised in 1995. Can you work out an approximate cost of a lease extension? Similar properties in Jarrow with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2101

With just 76 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Jarrow