I am in need of some leasehold conveyancing in Norfolk Broads. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Norfolk Broads - 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 looking at a two maisonettes in Norfolk Broads both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Norfolk Broads is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and lenders, 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 Norfolk Broads 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

I am a negotiator for a reputable estate agency in Norfolk Broads where we see a few flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Norfolk Broads conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 simultaneously with completion of the disposal of the property.

An alternative approach is 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 buyer.

Can you offer any advice when it comes to appointing a Norfolk Broads conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Norfolk Broads conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Norfolk Broads conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• If they are not ALEP accredited then what is the reason?

We expect to complete the disposal of our £325000 garden flat in Norfolk Broads next week. The management company has quoted £372 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Norfolk Broads?

Norfolk Broads conveyancing on leasehold flats usually involves the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They are entitled invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to sell the property.

I bought a 2 bed flat in Norfolk Broads, conveyancing having been completed in 2006. Can you work out an approximate cost of a lease extension? Similar flats in Norfolk Broads with over 90 years remaining are worth £209,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2088

With 62 years remaining on your lease we estimate the premium for your lease extension to span between £21,900 and £25,200 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Norfolk Broads