Due to complete next month on a leasehold property in Llansamlet. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Llansamlet should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

Will you be prohibited or prevented from having pets in the property?

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required

Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

Responsibility for repairing the window frames

What options are open to you if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Llansamlet please ask your solicitor in advance of your conveyancing in Llansamlet

I am looking at a couple of apartments in Llansamlet which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Llansamlet is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive 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 Llansamlet 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 long established estate agent office in Llansamlet where we see a number of leasehold sales jeopardised due to short leases. I have received contradictory information from local Llansamlet conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.

What advice can you give us when it comes to choosing a Llansamlet conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Llansamlet conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Llansamlet conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• Can they put you in touch with client in Llansamlet who can give a testimonial?

What are the legal fees for lease extension work?

All being well we will complete the sale of our £250000 apartment in Llansamlet in just under a week. The managing agents has quoted £336 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Llansamlet?

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

• Addressing pre-contract enquiries
• Where consent is required before sale in Llansamlet
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Llansamlet leasehold premises is £350. For Llansamlet 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.

I own a split level flat in Llansamlet, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Corresponding flats in Llansamlet with a long lease are worth £185,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2091

With just 66 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 as well as legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Llansamlet