Due to exchange soon on a studio apartment in North Newbald. 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 North Newbald should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years

Defining your rights in relation to the communal areas in the building.For instance, does the lease grant a right of way over an accessway or staircase?

Ground rent - how much and when you need to pay, and also know whether this is subject to change

Changes to the flat (alterations and additions)

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required

Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be contained in your report on your leasehold property in North Newbald please ask your lawyer in advance of your conveyancing in North Newbald

I am looking at a two flats in North Newbald both have about forty five years remaining on the leases. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to choosing a North Newbald conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a North Newbald conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non North Newbald conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• Can they put you in touch with client in North Newbald who can give a testimonial?

What are the charges for lease extension conveyancing?

We expect to complete the sale of our £350000 garden flat in North Newbald on Monday in a week. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in North Newbald?

North Newbald conveyancing on leasehold flats ordinarily necessitates administration charges levied by management companies :

• Answering pre-contract questions
• Where consent is required before sale in North Newbald
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for North Newbald leasehold property is £350. For North Newbald conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

Are there frequently found defects that you come across in leases for North Newbald properties?

There is nothing unique about leasehold conveyancing in North Newbald. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• 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

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

I acquired a leasehold flat in North Newbald, conveyancing was carried out 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in North Newbald with over 90 years remaining are worth £244,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2095

With 70 years left to run we estimate the price of your lease extension to be between £12,400 and £14,200 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in North Newbald