Having had my offer accepted I require leasehold conveyancing in Murton. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Murton - then the leasehold title will always include the short particulars 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.

Looking forward to exchange soon on a leasehold property in Murton. Conveyancing solicitors have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
• You should be told what counts as a Nuisance in the lease
• You should have a good understanding of the insurance provisions
• Repair and maintenance of the flat
• 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.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• What the implications are if you breach a clause of your lease?

I am tempted by the attractive purchase price for a two flats in Murton both have about 50 years unexpired on the lease term. Do I need to be concerned?

There are plenty of short leases in Murton. The lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in Murton from the perspective of expediting the sale process?

• Much of the delay in leasehold conveyancing in Murton can be bypassed if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
• If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Murton state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Should you dont have the approvals to hand do not communicate with the landlord without contacting your solicitor in the first instance.
• Some Murton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 buyers or their solicitors.
• If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Arranging a re-issued share certificate can be a time consuming formality and frustrates many a Murton home move. If a duplicate share is required, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
• You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

What makes a Murton lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Murton. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Chelsea Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

I invested in buying a garden flat in Murton, conveyancing having been completed 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Murton with an extended lease are worth £169,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2103

With 77 years unexpired the likely cost is going to range between £10,500 and £12,000 as well as legals.

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