I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Isle Of Wight. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Isle Of Wight are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Isle Of Wight in which case you should be shopping around for a Isle Of Wight conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer should advise you fully on all the issues.

Back In 2000, I bought a leasehold flat in Isle Of Wight. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Isle Of Wight who previously acted has now retired.Any advice?

The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Isle Of Wight conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Last month I purchased a leasehold property in Isle Of Wight. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I work for a busy estate agency in Isle Of Wight where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Isle Of Wight conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension process for the buyer?

Provided that the seller has been the owner 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. This means that the buyer can avoid having to sit tight for 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 simultaneously with completion of the sale.

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 purchaser.

If all goes to plan we aim to complete our sale of a £500000 flat in Isle Of Wight in 8 days. The landlords agents has quoted £324 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Isle Of Wight?

Isle Of Wight conveyancing on leasehold apartments more often than not involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.

I invested in buying a garden flat in Isle Of Wight, conveyancing was carried out in 2009. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Isle Of Wight with an extended lease are worth £233,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2093

With only 68 years unexpired we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be 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 placing reliance on this information before seeking the advice of a professional.