I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Priorslee. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Priorslee ?

Most houses in Priorslee are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Priorslee so you should seriously consider shopping around for a Priorslee conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.

I work for a busy estate agent office in Priorslee where we see a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Priorslee conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

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 purchaser.

What advice can you give us when it comes to choosing a Priorslee conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Priorslee conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Priorslee conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How many lease extensions has the firm completed in Priorslee in the last 12 months?

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 garden flat in Priorslee next Monday . The management company has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Priorslee?

Priorslee conveyancing on leasehold apartments more often than not necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to assist. They are at liberty invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge invoiced by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to sell the property.

Are there common defects that you encounter in leases for Priorslee properties?

There is nothing unique about leasehold conveyancing in Priorslee. Most leases are individual and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

I invested in buying a 2 bed flat in Priorslee, conveyancing formalities finalised in 2003. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Priorslee with over 90 years remaining are worth £242,000. The ground rent is £65 levied per year. The lease ends on 21st October 2085

With only 59 years remaining on your lease we estimate the price of your lease extension to span between £24,700 and £28,600 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Priorslee