I am on look out for some leasehold conveyancing in Sandy. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is registered - and almost all are in Sandy - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I’m about to sell my 2 bed apartment in Sandy.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am employed by a reputable estate agency in Sandy where we see a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Sandy conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 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.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

Do you have any advice for leasehold conveyancing in Sandy with the intention of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Sandy can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers conveyancers.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Sandy leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you fail to have the paperwork in place do not communicate with the landlord without checking with your conveyancer first.
• Some Sandy leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
• If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing.
• You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

What makes a Sandy lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Sandy. All leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

I am the registered owner of a leasehold flat in Sandy, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Sandy with over 90 years remaining are worth £188,000. The ground rent is £60 yearly. The lease runs out on 21st October 2079

With only 53 years remaining on your lease the likely cost is going to span between £34,200 and £39,600 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.