I work for a long established estate agent office in Leamington Spa where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Leamington Spa conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that 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 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 needs to be completed before, or at the same time as completion of the sale.

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.

Can you offer any advice when it comes to choosing a Leamington Spa conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Leamington Spa conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Leamington Spa conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• If the firm is not ALEP accredited then why not?

Do you have any top tips for leasehold conveyancing in Leamington Spa from the point of view of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Leamington Spa can be avoided where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
• Many landlords or Management Companies in Leamington Spa levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Leamington Spa.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £500000 apartment in Leamington Spa next Tuesday . The managing agents has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Leamington Spa?

Leamington Spa conveyancing on leasehold apartments more often than not necessitates the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They are at liberty levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to sell the property.

Are there frequently found problems that you see in leases for Leamington Spa properties?

Leasehold conveyancing in Leamington Spa is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• 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 have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

I invested in buying a basement flat in Leamington Spa, conveyancing was carried out 8 years ago. How much will my lease extension cost? Similar properties in Leamington Spa with a long lease are worth £211,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2099

You have 74 years left to run the likely cost is going to span between £8,600 and £9,800 plus professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

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Lease Extensions in Leamington Spa