I have just appointed agents to market my basement apartment in Plymstock.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – what should I do?

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 unless 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. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Plymstock. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Plymstock ?

The majority of houses in Plymstock are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Plymstock in which case you should be looking for a Plymstock conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two apartments in Plymstock which have in the region of forty five years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Plymstock is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and banks, leases with less than eighty years become less and less attractive. 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 Plymstock 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.

I've recently bought a leasehold property in Plymstock. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner 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 be sure 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).

Do you have any top tips for leasehold conveyancing in Plymstock from the perspective of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Plymstock can be reduced where you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
• The majority freeholders or managing agents in Plymstock charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Plymstock.

I invested in buying a basement flat in Plymstock, conveyancing was carried out 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Plymstock with an extended lease are worth £216,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2086

With just 60 years unexpired the likely cost is going to range between £19,000 and £22,000 as well as costs.

The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

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Lease Extensions in Plymstock