Due to sign contracts shortly on a studio apartment in Northumberland Heath. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?

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

• Defining your legal entitlements in relation to common areas in the building.For example, does the lease grant a right of way over an accessway or hallways?

Estate agents have just been given the go-ahead to market my 2 bed flat in Northumberland Heath.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – what should I do?

The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Northumberland Heath. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

Most houses in Northumberland Heath are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Northumberland Heath in which case you should be shopping around for a Northumberland Heath conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of flats in Northumberland Heath which have about forty five years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Northumberland Heath is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and banks, leases with under 75 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 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 a residence 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 Northumberland Heath 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 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.

Can you offer any advice when it comes to appointing a Northumberland Heath conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Northumberland Heath conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Northumberland Heath conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• If they are not ALEP accredited then why not?

Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Northumberland Heath. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Absolutely. We can put you in touch with a Northumberland Heath conveyancing firm who can help.

An example of a Lease Extension case for a Northumberland Heath residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired lease term was 76 years.