Having had my offer accepted I require leasehold conveyancing in Launceston. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Launceston - 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.

Can you offer any advice when it comes to appointing a Launceston conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Launceston conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Launceston 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 helpful:

• If they are not ALEP accredited then why not?

What volume of lease extensions have they conducted in Launceston in the last year?

Do you have any top tips for leasehold conveyancing in Launceston from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Launceston can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Launceston state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. If you dont have the consents to hand do not communicate with the landlord without contacting your lawyer before hand.

Some Launceston leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.

If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.

You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Completion in due on our sale of a £250000 flat in Launceston in just under a week. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Launceston?

Launceston conveyancing on leasehold apartments nine out of ten times necessitates administration charges raised by freeholders :

• Answering conveyancing due diligence enquiries
• Where consent is required before sale in Launceston
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Launceston leasehold premises is £350. For Launceston conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

In relation to leasehold conveyancing in Launceston what are the most frequent lease defects?

Leasehold conveyancing in Launceston is not unique. All leases is drafted differently and drafting errors can result in certain sections 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
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Coventry Building Society, and Britannia 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 buyer to withdraw.

I invested in buying a studio flat in Launceston, conveyancing was carried out 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Launceston with a long lease are worth £213,000. The ground rent is £60 charged once a year. The lease ceases on 21st October 2077

You have 53 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Launceston