I own a leasehold flat in Lechlade. Conveyancing and Barclays mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Lechlade who acted for me is not around.Do I pay?

The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Lechlade conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of flats in Lechlade which have about 50 years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Lechlade is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and mortgage companies, leases with less than eighty 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 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 Lechlade 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.

Can you offer any advice when it comes to choosing a Lechlade conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Lechlade conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Lechlade 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:

• Can they put you in touch with client in Lechlade who can give a testimonial?
• What are the costs for lease extension work?

All being well we will complete our sale of a £ 500000 garden flat in Lechlade in just under a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Lechlade?

For most leasehold sales in Lechlade conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Lechlade
• Copies of the building insurance and schedule
• 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 Lechlade leasehold property is £350. For Lechlade 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 obliged to provide the information.

What makes a Lechlade lease unmortgageable?

There is nothing unique about leasehold conveyancing in Lechlade. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Barnsley Building Society, and Clydesdale all have express requirements 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 provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in Lechlade - Examples of Queries Prior to buying

Be sure to discover if the the lease includes any adverse restrictions in the lease. By way of example it is reasonably common in Lechlade leases that pets are not permitted in certain buildings in Lechlade. If you like the flatin Lechlade but your cat can’t live with you then you will be presented with a difficult decision. Is anyone aware of any major works on the horizon that could add a premium to the maintenance fees? You should be aware if it is less than eighty years it will have adverse implications on the salability of the property. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would be be obliged to have owned the property for two years in order to be legally able to carry out a lease extension.