Having had my offer accepted I require leasehold conveyancing in Mickleover. Before diving in I would like to find out the unexpired term of the lease.

If the lease is registered - and almost all are in Mickleover - 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.

I have just appointed agents to market my garden flat in Mickleover.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – Do I pay up?

It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a two maisonettes in Mickleover which have about 50 years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Mickleover is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and banks, leases with less than eighty 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 premises 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 Mickleover conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 top tips for leasehold conveyancing in Mickleover with the intention of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Mickleover can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Mickleover leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such changes. Where you dont have the approvals to hand you should not contact the landlord without contacting your lawyer before hand.

A minority of Mickleover leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.

If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or settle 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 purchasers, but it is better to present the dispute as over as opposed to ongoing.

If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Arranging a duplicate share certificate is often a lengthy process and slows down many a Mickleover home move. Where a duplicate share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

All being well we will complete our sale of a £325000 maisonette in Mickleover in just under a week. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Mickleover?

For most leasehold sales in Mickleover conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing pre-exchange questions
• Where consent is required before sale in Mickleover
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Mickleover leasehold premises is £350. For Mickleover conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

I acquired a ground floor flat in Mickleover, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Equivalent properties in Mickleover with an extended lease are worth £240,000. The ground rent is £65 levied per year. The lease ceases on 21st October 2086

With just 61 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Mickleover