Having had my offer accepted I require leasehold conveyancing in Malpas. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Malpas - then the leasehold title will always include the basic details 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.

Due to sign contracts shortly on a basement flat in Malpas. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years

I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Malpas. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Malpas ?

The majority of houses in Malpas are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Malpas in which case you should be looking for a Malpas conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.

I am a negotiator for a long established estate agency in Malpas where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Malpas conveyancing solicitors. Can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease 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. This means that the proposed purchaser 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 has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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.

All being well we will complete the sale of our £200000 flat in Malpas next week. The managing agents has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Malpas?

Malpas conveyancing on leasehold apartments often requires the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have no choice but to pay whatever is requested of you should you wish to sell the property.

Leasehold Conveyancing in Malpas - A selection of Queries before buying

How many years remain on the lease? If a Malpas lease has no more than 80 years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably require a lease extension at some point and it is worth discovering how much this will be. Remember, in most cases you would be be obliged to have owned the residence for a couple of years before you are eligible to exercise a lease extension. Is anyone aware of any major works in the planning that will likely add a premium to the maintenance fees?

Other Topics

Lease Extensions in Malpas