I am in need of some leasehold conveyancing in Navenby. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

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

I am tempted by the attractive purchase price for a two flats in Navenby which have approximately 50 years left on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Navenby is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. 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 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 Navenby 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.

Can you offer any advice when it comes to choosing a Navenby conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Navenby conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Navenby conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• How experienced is the firm with lease extension legislation?

Completion in due on our sale of a £375000 maisonette in Navenby on Wednesday in a week. The management company has quoted £348 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Navenby?

Navenby conveyancing on leasehold flats more often than not requires the buyer’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They are at liberty levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality one has no choice but to pay whatever is demanded should you wish to sell the property.

In relation to leasehold conveyancing in Navenby what are the most common lease defects?

Leasehold conveyancing in Navenby is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Aldermore 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 provide security, obliging the purchaser to withdraw.

Navenby Leasehold Conveyancing - Examples of Questions you should consider Prior to buying

It would be prudent to find out as much as you can about the company managing the block as they will either make living at the property much simpler or problematic. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the upkeep of the communal areas. Enquire of prospective neighbours what they think of them. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending the funds. In the main the cost for major works are not included within service charges, although a few managing agents in Navenby obliged tenants to pay into a reserve fund created for the specific purpose of building a fund for major repairs or maintenance. You should be aware if it is less than eighty years it will have adverse implications on the value of the flat. Check with your bank that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this will be. For most Navenbylease extensions you will need to own the premises for a couple of years in order to be eligible to extend the lease.

Other Topics

Lease Extensions in Navenby