I am on look out for some leasehold conveyancing in Penrith. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Penrith - 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've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Penrith. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

Most houses in Penrith are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Penrith so you should seriously consider looking for a Penrith conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

What are your top tips when it comes to finding a Penrith conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Penrith conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Penrith conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How many lease extensions have they completed in Penrith in the last twenty four months?

Can they put you in touch with client in Penrith who can give a testimonial?

Can you provide any top tips for leasehold conveyancing in Penrith from the point of view of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Penrith can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers conveyancers.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Penrith leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Should you fail to have the consents to hand you should not communicate with the landlord without checking with your conveyancer in advance.

A minority of Penrith leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.

If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing.

You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

We expect to complete the disposal of our £125000 flat in Penrith in just under a week. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Penrith?

Penrith conveyancing on leasehold apartments normally involves fees being levied by managing agents :

• Completing pre-contract enquiries
• Where consent is required before sale in Penrith
• 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 Penrith leasehold property is £350. For Penrith 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 supply the information.

I bought a studio flat in Penrith, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Penrith with a long lease are worth £220,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ceases on 21st October 2096

With 75 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.

The suggested premium range 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 investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Penrith