I am on look out for some leasehold conveyancing in St Margarets. Before I get started I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in St Margarets - 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.

I've found a house that appears to be perfect, at a great figure which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in St Margarets. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in St Margarets ?

Most houses in St Margarets are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in St Margarets in which case you should be looking for a St Margarets conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being 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 landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.

Back In 2005, I bought a leasehold flat in St Margarets. Conveyancing and Halifax mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in St Margarets who acted for me is not around.Any advice?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a St Margarets conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of flats in St Margarets which have approximately forty five years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in St Margarets 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. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat 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 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 St Margarets 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 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.

Do you have any advice for leasehold conveyancing in St Margarets from the point of view of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in St Margarets can be bypassed if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers.
• The majority freeholders or Management Companies in St Margarets charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in St Margarets.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? St Margarets leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such works. Where you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor before hand.
• Some St Margarets leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
• If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Arranging a duplicate share certificate can be a time consuming formality and slows down many a St Margarets conveyancing deal. Where a duplicate share certificate is needed, do contact the company officers or managing agents (if applicable) for this as soon as possible.

I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a St Margarets conveyancing firm to represent me?

Absolutely. We are happy to put you in touch with a St Margarets conveyancing firm who can help.

An example of a Lease Extension case for a St Margarets flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The the unexpired residue of the current lease was 60.45 years.

I bought a 1 bedroom flat in St Margarets, conveyancing formalities finalised 8 years ago. How much will my lease extension cost? Comparable flats in St Margarets with a long lease are worth £184,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2082

You have 56 years remaining on your lease the likely cost is going to span between £25,700 and £29,600 plus legals.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.