Expecting to complete next month on a ground floor flat in Lymm. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?

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

• The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Lymm. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Lymm are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Lymm so you should seriously consider shopping around for a Lymm conveyancing solicitor and be sure that they are used to advising on 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 will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Lymm which have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Lymm. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field

I am a negotiator for a reputable estate agent office in Lymm where we see a few flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Lymm conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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 buyer.

If all goes to plan we aim to complete our sale of a £150000 flat in Lymm on Monday in a week. The managing agents has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Lymm?

Lymm conveyancing on leasehold apartments more often than not requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to sell the property.

I am the registered owner of a 2 bed flat in Lymm, conveyancing formalities finalised in 2005. Can you work out an approximate cost of a lease extension? Corresponding properties in Lymm with a long lease are worth £257,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2084

You have 58 years remaining on your lease we estimate the price of your lease extension to range between £23,800 and £27,400 plus costs.

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 investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Lymm