I have just started marketing my basement flat in Killamarsh.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – what should I do?

It best that you pay 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 until 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. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Killamarsh. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Killamarsh ?

The majority of houses in Killamarsh are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Killamarsh so you should seriously consider shopping around for a Killamarsh conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of flats in Killamarsh both have in the region of forty five years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Killamarsh is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and mortgage companies, leases with less than 75 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 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 Killamarsh 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 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.

Last month I purchased a leasehold flat in Killamarsh. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What advice can you give us when it comes to choosing a Killamarsh conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Killamarsh conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Killamarsh conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• How familiar is the practice with lease extension legislation?
• What are the charges for lease extension work?

I am the registered owner of a 2 bed flat in Killamarsh, conveyancing formalities finalised in 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? Similar properties in Killamarsh with an extended lease are worth £260,000. The ground rent is £55 per annum. The lease ends on 21st October 2091

With just 65 years left to run the likely cost is going to range between £14,300 and £16,400 as well as legals.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.