I am on look out for some leasehold conveyancing in Newton Ferrers. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Newton Ferrers - 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.

Jane (my partner) and I may need to sub-let our Newton Ferrers basement flat temporarily due to taking a sabbatical. We instructed a Newton Ferrers conveyancing practice in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?

A lease dictates relations between the landlord and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Newton Ferrers do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

I am tempted by the attractive purchase price for a two flats in Newton Ferrers which have approximately fifty years remaining on the lease term. Do I need to be concerned?

There are plenty of short leases in Newton Ferrers. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

I work for a busy estate agency in Newton Ferrers where we see a few flat sales put at risk due to short leases. I have been given conflicting advice from local Newton Ferrers conveyancing firms. Can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What makes a Newton Ferrers lease unacceptable for security purposes?

Leasehold conveyancing in Newton Ferrers is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

I am the registered owner of a ground floor flat in Newton Ferrers, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Newton Ferrers with an extended lease are worth £204,000. The ground rent is £50 per annum. The lease finishes on 21st October 2092

With only 66 years unexpired we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as legals.

The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.