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

Assuming the lease is registered - and almost all are in Peterlee - 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.

Estate agents have just been given the go-ahead to market my ground floor apartment in Peterlee.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – Do I pay up?

The sensible thing to do is pay the service charge 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.

Back In 2003, I bought a leasehold house in Peterlee. Conveyancing and Barnsley Building Society mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Peterlee who previously acted has now retired.Any advice?

First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Peterlee conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a reputable estate agency in Peterlee where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Peterlee conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has been the owner 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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.

Are there frequently found problems that you see in leases for Peterlee properties?

There is nothing unique about leasehold conveyancing in Peterlee. All leases are unique and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

I inherited a basement flat in Peterlee, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Peterlee with a long lease are worth £224,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2099

With just 75 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Peterlee