I have just appointed agents to market my 2 bed flat in Plymstock.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – what should I do?

It best that you clear 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.

I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Plymstock. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Plymstock are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Plymstock so you should seriously consider looking for a Plymstock conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.

I am attracted to a couple of flats in Plymstock which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Plymstock is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. 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 property 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 Plymstock conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

What advice can you give us when it comes to finding a Plymstock conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Plymstock conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Plymstock conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How familiar is the firm with lease extension legislation?
• What are the charges for lease extension work?

What are the common defects that you encounter in leases for Plymstock properties?

There is nothing unique about leasehold conveyancing in Plymstock. All leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• 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 may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Bank of Scotland, and Godiva Mortgages Ltd all have very detailed 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 problematic they may refuse to provide security, forcing the buyer to pull out.

I own a split level flat in Plymstock, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Plymstock with a long lease are worth £261,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2094

With 68 years unexpired the likely cost is going to range between £10,500 and £12,000 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.