I am hoping to sign contracts shortly on a studio apartment in Ryton. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

I own a leasehold flat in Ryton. Conveyancing and Barclays mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Ryton who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Ryton conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of flats in Ryton both have in the region of fifty years unexpired on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Ryton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most 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 premises 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 Ryton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 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.

I've recently bought a leasehold property in Ryton. Am I liable to pay service charges relating to a period prior to 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. Strange as it may seem, 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 are your top tips when it comes to finding a Ryton conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Ryton conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Ryton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• How many lease extensions has the firm carried out in Ryton in the last 12 months?

Ryton Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

Is anyone aware of any major works in the near future that will increase the maintenance fees? Who manages the building? How much is the service charge and ground rent on the flat?

Other Topics

Lease Extensions in Ryton