I am hoping to exchange soon on a basement flat in Longhope. 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 Longhope should include some of the following:

• Defining your legal entitlements in relation to common areas in the block.By way of example, does the lease contain a right of way over an accessway or hallways?
• Will you be prohibited or prevented from having pets in the property?
• Whether your lease has a provision for a reserve fund?
• You should have a good understanding of the insurance provisions
• Changes to the flat (alterations and additions)
• Responsibility for repairing the window frames
• What the implications are if you breach a clause of your lease?

I own a leasehold house in Longhope. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Longhope who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Longhope conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two flats in Longhope both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold property in Longhope. Am I liable to pay service charges for periods before my ownership?

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. However, 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 am employed by a long established estate agency in Longhope where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Longhope conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

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.

I own a 1 bedroom flat in Longhope, conveyancing having been completed in 2012. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Longhope with a long lease are worth £255,000. The ground rent is £60 invoiced every year. The lease ceases on 21st October 2098

You have 72 years unexpired the likely cost is going to range between £14,300 and £16,400 as well as professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.