Expecting to sign contracts shortly on a basement flat in Newton Ferrers. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Newton Ferrers should include some of the following:

• You should receive a copy of the lease

I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Newton Ferrers. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

Most houses in Newton Ferrers are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Newton Ferrers so you should seriously consider looking for a Newton Ferrers conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.

I am looking at a couple of maisonettes in Newton Ferrers both have approximately 50 years remaining on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly 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 properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

I am a negotiator for a long established estate agent office in Newton Ferrers where we have witnessed a few leasehold sales jeopardised due to short leases. I have received contradictory information from local Newton Ferrers conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?

As long as 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. The benefit of this is that the proposed purchaser need not have 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.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.

We expect to complete the sale of our £175000 maisonette in Newton Ferrers on Monday in a week. The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Newton Ferrers?

Newton Ferrers conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be willing to assist. They may charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you should you wish to sell the property.

I invested in buying a ground floor flat in Newton Ferrers, conveyancing having been completed 6 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Newton Ferrers with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2087

You have 62 years remaining on your lease we estimate the price of your lease extension to range between £18,100 and £20,800 plus professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

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Lease Extensions in Newton Ferrers