I am on look out for some leasehold conveyancing in Pudsey. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Pudsey - 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.

I’m about to sell my garden flat in Pudsey.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should 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 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 attracted to a two apartments in Pudsey both have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Pudsey is a deteriorating 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. The majority of purchasers and banks, leases with under 75 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 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 Pudsey 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 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 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.

What are your top tips when it comes to appointing a Pudsey conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Pudsey conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Pudsey 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:

• What volume of lease extensions have they conducted in Pudsey in the last twenty four months?

Can you provide any top tips for leasehold conveyancing in Pudsey from the point of view of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Pudsey can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
• A minority of Pudsey leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.

I am the registered owner of a split level flat in Pudsey, conveyancing was carried out in 2001. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Pudsey with an extended lease are worth £250,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2088

With 62 years left to run we estimate the premium for your lease extension to be between £23,800 and £27,400 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 are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

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Lease Extensions in Pudsey