I am in need of some leasehold conveyancing in Norton Woodseats. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Norton Woodseats - 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.

Planning to exchange soon on a basement flat in Norton Woodseats. Conveyancing lawyers have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Norton Woodseats should include some of the following:

• How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark

I've found a house that appears to be perfect, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Norton Woodseats. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Norton Woodseats are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Norton Woodseats in which case you should be looking for a Norton Woodseats conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two flats in Norton Woodseats both have approximately forty five years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Norton Woodseats is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive 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 a residence 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 Norton Woodseats conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.

Last month I purchased a leasehold house in Norton Woodseats. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I purchased a 2 bed flat in Norton Woodseats, conveyancing was carried out 6 years ago. 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 Norton Woodseats with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2103

With only 78 years left to run we estimate the price of your lease extension to span between £10,500 and £12,000 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

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Lease Extensions in Norton Woodseats