Having had my offer accepted I require leasehold conveyancing in Llanymynech. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Llanymynech - then the leasehold title will always include the short particulars 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.

Expecting to complete next month on a basement flat in Llanymynech. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Llanymynech should include some of the following:

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

I am tempted by the attractive purchase price for a two flats in Llanymynech both have about fifty years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Llanymynech is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and banks, leases with under eighty years become less and less marketable. 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 premises 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 premises 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 Llanymynech conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

I am a negotiator for a busy estate agent office in Llanymynech where we see a number of leasehold sales put at risk due to short leases. I have received conflicting advice from local Llanymynech conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is 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 purchaser.

All being well we will complete our sale of a £350000 maisonette in Llanymynech on Thursday in a week. The landlords agents has quoted £300 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Llanymynech?

Llanymynech conveyancing on leasehold apartments usually requires the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to sell the property.

I bought a 2 bed flat in Llanymynech, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Llanymynech with over 90 years remaining are worth £215,000. The ground rent is £55 per annum. The lease runs out on 21st October 2099

With just 74 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Llanymynech