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

Assuming the lease is recorded at the land registry - and most are in Potton - 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 own a leasehold flat in Potton. Conveyancing and National Westminster Bank mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Potton who previously acted has long since retired.What should I do?

The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. You do not need to instruct a Potton conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of apartments in Potton both have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Potton is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with less than 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 Potton 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 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.

I am employed by a long established estate agency in Potton where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Potton conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. 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 agree the lease extension with the freeholder 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 purchaser.

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

If you are instructing a property lawyer for lease extension works (regardless if they are a Potton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Potton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• If they are not ALEP accredited then why not?
• What are the charges for lease extension conveyancing?

I am the registered owner of a split level flat in Potton, conveyancing having been completed 2005. How much will my lease extension cost? Equivalent properties in Potton with over 90 years remaining are worth £255,000. The ground rent is £60 per annum. The lease terminates on 21st October 2105

With just 79 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.