Expecting to exchange soon on a studio apartment in Maryport. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Maryport should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• Are pets allowed in the flat?
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• Whether your lease has a provision for a reserve fund?
• You should have a good understanding of the insurance provisions
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Responsibility for repairing the window frames

I own a leasehold house in Maryport. Conveyancing and Nationwide Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Maryport who acted for me is not around.Any advice?

First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Maryport conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

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

There are no two ways about it. A leasehold apartment in Maryport is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and mortgage companies, leases with under 75 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 Maryport conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 Maryport from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Maryport can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Maryport leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you fail to have the paperwork in place do not communicate with the landlord without checking with your lawyer before hand.
• If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
• If you hold a share in a the freehold, you should make sure that you have the original share certificate. Obtaining a new share certificate can be a lengthy process and delays many a Maryport conveyancing deal. If a new share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be advisable verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

In relation to leasehold conveyancing in Maryport what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Maryport. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Royal Bank of Scotland, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

I am the registered owner of a leasehold flat in Maryport, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Maryport with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2106

With only 80 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as legals.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.