Planning to exchange soon on a basement flat in Preston. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?

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

• Defining your legal entitlements in respect of common areas in the block.For example, does the lease include a right of way over a path or hallways?
• Does the lease prohibit wood flooring?
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• 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
• Whether your lease has a provision for a sinking fund?
• Changes to the flat (alterations and additions)
• What options are open to you if a neighbour breach a clause of their lease?

I have just appointed agents to market my garden flat in Preston.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that appears 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 particular concerns buying a house with a leasehold title in Preston. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Preston ?

The majority of houses in Preston 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 Preston in which case you should be looking for a Preston conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.

I am employed by a busy estate agency in Preston where we have experienced a few flat sales put at risk due to short leases. I have been given inconsistent advice from local Preston conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 buyer.

Can you offer any advice when it comes to appointing a Preston conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Preston conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Preston conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• What volume of lease extensions has the firm conducted in Preston in the last 12 months?
• What are the charges for lease extension work?

I am the leaseholder of a basement flat in Preston. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

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

An example of a Lease Extension case for a Preston flat is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 74 years.

Preston Leasehold Conveyancing - Sample of Queries before Purchasing

Who are the managing agents? This question is important as a) areas could cause problems in the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the managing agents you will wish to have all the details