I am hoping to exchange soon on a studio apartment in Ramsbottom. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Ramsbottom should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark

Defining your legal entitlements in respect of the communal areas in the building.E.G., does the lease grant a right of way over a path or staircase?

Are you allowed to have a pet in the flat?

Does the lease prevent you from letting out the property, or working from home

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Whether your lease has a provision for a reserve fund?

Repair and maintenance of the flat For details of the information to be included in your report on your leasehold property in Ramsbottom please ask your solicitor in ahead of your conveyancing in Ramsbottom

I am looking at a two apartments in Ramsbottom both have in the region of fifty years remaining on the lease term. Do I need to be concerned?

There are plenty of short leases in Ramsbottom. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

I've recently bought a leasehold property in Ramsbottom. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee 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. A critical element 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).

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

When appointing a property lawyer for your lease extension (regardless if they are a Ramsbottom conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Ramsbottom 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 helpful:

• How familiar is the firm with lease extension legislation?

What are the costs for lease extension conveyancing?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £125000 maisonette in Ramsbottom on Friday in a week. The managing agents has quoted £372 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Ramsbottom?

For the majority of leasehold sales in Ramsbottom conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Ramsbottom
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Ramsbottom leasehold property is £350. For Ramsbottom conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

I own a basement flat in Ramsbottom, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Ramsbottom with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £65 per annum. The lease ends on 21st October 2079

With only 55 years left to run we estimate the price of your lease extension to span between £29,500 and £34,000 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Ramsbottom