I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Red Lodge. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

The majority of houses in Red Lodge are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Red Lodge in which case you should be looking for a Red Lodge conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

My wife and I purchased a leasehold house in Red Lodge. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Red Lodge who acted for me is not around.Do I pay?

First contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Red Lodge conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, 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 two apartments in Red Lodge which have in the region of forty five years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Red Lodge is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. On a more positive 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 Red Lodge 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.

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

When appointing a conveyancer for lease extension works (regardless if they are a Red Lodge conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Red Lodge conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• If the firm is not ALEP accredited then why not?

Do you have any top tips for leasehold conveyancing in Red Lodge from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Red Lodge can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
• The majority freeholders or Management Companies in Red Lodge charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Red Lodge.

Red Lodge Leasehold Conveyancing - Sample of Questions you should ask before Purchasing

Plenty Red Lodge leasehold apartments will have a service bill for the upkeep of the block invoiced on behalf of the management company. Where you acquire the flat you will have to pay this amount, usually quarterly throughout the year. This may vary from a few hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met yearly, normally this is not a large amount, say around £25-£75 but you need to enquire as occasionally it could be many hundreds of pounds. What is the yearly maintenance fee and ground rent? Who takes responsibility for maintaining and repairing the block?

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Lease Extensions in Red Lodge