I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Radcliffe. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Radcliffe ?

Most houses in Radcliffe are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Radcliffe in which case you should be shopping around for a Radcliffe conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.

I've recently bought a leasehold property in Radcliffe. Am I liable to pay service charges relating to a period prior to completion of my purchase?

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. However, 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).

I am employed by a long established estate agency in Radcliffe where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Radcliffe conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?

Provided that the seller has been the owner 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 proposed purchaser need not have 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 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 buyer.

What advice can you give us when it comes to choosing a Radcliffe conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Radcliffe conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Radcliffe 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 helpful:

• If the firm is not ALEP accredited then why not?
• What volume of lease extensions has the firm conducted in Radcliffe in the last 12 months?

Can you provide any top tips for leasehold conveyancing in Radcliffe from the perspective of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Radcliffe can be avoided if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
• In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Radcliffe leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such works. Where you fail to have the paperwork to hand do not communicate with the landlord without checking with your conveyancer before hand.
• A minority of Radcliffe leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Organising a duplicate share certificate is often a lengthy formality and slows down many a Radcliffe home move. If a new share certificate is needed, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
• You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

I inherited a 2 bed flat in Radcliffe, conveyancing was carried out in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Radcliffe with over 90 years remaining are worth £196,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2102

With 76 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide 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 issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.