I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Mayfield. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

The majority of houses in Mayfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Mayfield so you should seriously consider shopping around for a Mayfield conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee 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 changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.

I am looking at a two apartments in Mayfield both have about fifty years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Mayfield is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. On a more positive 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 property 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 Mayfield 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 any new 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.

What advice can you give us when it comes to choosing a Mayfield conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Mayfield conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Mayfield conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• How many lease extensions has the firm completed in Mayfield in the last year?
• What are the charges for lease extension conveyancing?

Can you provide any top tips for leasehold conveyancing in Mayfield from the perspective of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Mayfield can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
• The majority freeholders or Management Companies in Mayfield levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Mayfield.
• A minority of Mayfield 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 financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet 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 purchasers or their solicitors.
• If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

If all goes to plan we aim to complete our sale of a £ 450000 maisonette in Mayfield in nine days. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Mayfield?

Mayfield conveyancing on leasehold maisonettes normally involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be willing to assist. They are at liberty levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the charge is technically not due. In reality one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.

Mayfield Leasehold Conveyancing - A selection of Questions you should ask before buying