Expecting to complete next month on a studio apartment in Rothbury. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Rothbury should include some of the following:

• You should receive a copy of the lease

How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years

The total extent of the property. This will be the flat itself but could also include a roof space or cellar if applicable.

Does the lease require carpeting throughout thus preventing wood flooring?

Does the lease prevent you from subletting the property, or working from home

Ground rent - how much and when you need to pay, and also know whether this will change in the future

You should have a good understanding of the insurance provisions For a comprehensive list of information to be contained in your report on your leasehold property in Rothbury please enquire of your solicitor in advance of your conveyancing in Rothbury

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Rothbury. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Rothbury ?

Most houses in Rothbury are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Rothbury so you should seriously consider looking for a Rothbury conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should advise you fully on all the issues.

I am a negotiator for a long established estate agency in Rothbury where we have witnessed a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Rothbury conveyancing solicitors. Can you confirm whether the seller of a flat can initiate the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. 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 disposal of the property.

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 finding a Rothbury conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Rothbury conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Rothbury conveyancing practices prior to instructing a firm. Where the conveyancing practice 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?

Can they put you in touch with client in Rothbury who can give a testimonial?

Completion in due on the disposal of our £375000 apartment in Rothbury next Friday . The management company has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Rothbury?

Rothbury conveyancing on leasehold maisonettes typically necessitates administration charges levied by management companies :

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

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Rothbury leasehold property is £350. For Rothbury 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 obliged to provide the information.

I own a leasehold flat in Rothbury, conveyancing having been completed 5 years ago. How much will my lease extension cost? Corresponding properties in Rothbury with a long lease are worth £166,000. The average or mid-range amount of ground rent is £65 yearly. The lease finishes on 21st October 2087

With only 61 years unexpired the likely cost is going to be between £18,100 and £20,800 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of 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 should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Rothbury