Due to complete next month on a leasehold property in Selly Oak. Conveyancing solicitors have said that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

I am attracted to a couple of apartments in Selly Oak which have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Selly Oak. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

I am employed by a long established estate agent office in Selly Oak where we have witnessed a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Selly Oak conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is 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.

What advice can you give us when it comes to choosing a Selly Oak conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Selly Oak conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Selly Oak 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 useful:

• How experienced is the practice with lease extension legislation?

In relation to leasehold conveyancing in Selly Oak what are the most common lease problems?

Leasehold conveyancing in Selly Oak is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

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. Barclays , Leeds Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

I bought a 1st floor flat in Selly Oak, conveyancing having been completed in 1995. Can you work out an approximate cost of a lease extension? Equivalent properties in Selly Oak with a long lease are worth £212,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2085

With 60 years remaining on your lease we estimate the price of your lease extension to span between £20,900 and £24,200 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be 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 getting professional advice.

Other Topics

Lease Extensions in Selly Oak