Expecting to sign contracts shortly on a leasehold property in Kingsbridge. Conveyancing lawyers 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 Kingsbridge should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• Does the lease prevent you from letting out the property, or having a home office for business
• You should be told what constitutes a Nuisance in the lease
• Changes to the flat (alterations and additions)
• What you can do if a neighbour breach a clause of their lease?

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 more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Kingsbridge. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Kingsbridge ?

Most houses in Kingsbridge are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Kingsbridge so you should seriously consider shopping around for a Kingsbridge conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.

I am attracted to a couple of maisonettes in Kingsbridge both have about fifty years unexpired on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Kingsbridge is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 property 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 property 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 Kingsbridge 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 employed by a busy estate agent office in Kingsbridge where we have witnessed a number of flat sales derailed due to short leases. I have been given contradictory information from local Kingsbridge conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?

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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is 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 Kingsbridge conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Kingsbridge conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Kingsbridge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• If the firm is not ALEP accredited then what is the reason?
• What are the charges for lease extension conveyancing?

I inherited a garden flat in Kingsbridge, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Kingsbridge with over 90 years remaining are worth £222,000. The ground rent is £65 levied per year. The lease ends on 21st October 2089

With 63 years unexpired we estimate the price of your lease extension to range between £16,200 and £18,600 as well as costs.

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 without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.