Having had my offer accepted I require leasehold conveyancing in Oldland. Before I get started I want to be sure as to the unexpired term of the lease.

If the lease is registered - and most are in Oldland - 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.

I’m about to sell my ground floor apartment in Oldland.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a couple of maisonettes in Oldland both have in the region of forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Oldland is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less marketable. 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 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 Oldland 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 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.

Can you offer any advice when it comes to finding a Oldland conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Oldland conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Oldland conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• If they are not ALEP accredited then why not?

What are the costs for lease extension conveyancing?

If all goes to plan we aim to complete the sale of our £250000 apartment in Oldland in 5 days. The management company has quoted £396 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Oldland?

Oldland conveyancing on leasehold apartments usually results in fees being invoiced by management companies :

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

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Oldland leasehold property is £350. For Oldland 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 required to provide answers.

I own a studio flat in Oldland, conveyancing formalities finalised in 2007. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Oldland with over 90 years remaining are worth £178,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2086

With only 61 years left to run the likely cost is going to be between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.

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 in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Oldland