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.

Assuming the lease is registered - and most are in Sandy - then the leasehold title will always include the basic details 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.

Due to sign contracts shortly on a garden flat in Sandy. Conveyancing lawyers 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 Sandy should include some of the following:

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

I am looking at a two apartments in Sandy which have approximately fifty years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Sandy is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 property 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 Sandy 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 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 any new 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.

Last month I purchased a leasehold house in Sandy. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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 ensure 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).

When it comes to leasehold conveyancing in Sandy what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Sandy. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

I inherited a 1st floor flat in Sandy, conveyancing was carried out 2002. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Sandy with over 90 years remaining are worth £269,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease finishes on 21st October 2103

With only 79 years unexpired the likely cost is going to span between £13,300 and £15,400 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

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Lease Extensions in Sandy