I am in need of some leasehold conveyancing in Milnthorpe. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Milnthorpe - 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 am tempted by the attractive purchase price for a couple of maisonettes in Milnthorpe which have approximately 50 years left on the leases. Will this present a problem?

There are plenty of short leases in Milnthorpe. The lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

I've recently bought a leasehold property in Milnthorpe. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

All being well we will complete the disposal of our £ 450000 apartment in Milnthorpe in nine days. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Milnthorpe?

Milnthorpe conveyancing on leasehold flats usually involves the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases 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, without which the invoice is technically not due. In reality one has no choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.

What are the frequently found defects that you encounter in leases for Milnthorpe properties?

There is nothing unique about leasehold conveyancing in Milnthorpe. Most leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Leeds Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

I acquired a garden flat in Milnthorpe, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Milnthorpe with over 90 years remaining are worth £210,000. The ground rent is £55 yearly. The lease terminates on 21st October 2099

With only 73 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.