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

If the lease is registered - and most are in Saundersfoot - 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.

Planning to exchange soon on a leasehold property in Saundersfoot. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Saundersfoot 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 not letting the lease term falling below eighty years

I am tempted by the attractive purchase price for a couple of flats in Saundersfoot both have in the region of 50 years left on the lease term. Will this present a problem?

A lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

I work for a long established estate agent office in Saundersfoot where we have witnessed a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Saundersfoot conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 buyer.

Are there frequently found defects that you see in leases for Saundersfoot properties?

There is nothing unique about leasehold conveyancing in Saundersfoot. All leases are individual and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• 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

You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Leeds Building Society, and Aldermore 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 buyer to pull out.

I inherited a 2 bed flat in Saundersfoot, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Saundersfoot with over 90 years remaining are worth £249,000. The ground rent is £65 per annum. The lease finishes on 21st October 2083

You have 57 years unexpired the likely cost is going to be between £27,600 and £31,800 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures 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. You should not take any other action based on this information before getting professional advice.

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Lease Extensions in Saundersfoot