Looking forward to exchange soon on a leasehold property in Shefford. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Shefford should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
• Are you allowed to have a pet in the flat?
• Changes to the flat (alterations and additions)
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• What you can do if a neighbour breach a clause of their lease?
• What the implications are if you breach a clause of your lease?

Back In 2005, I bought a leasehold house in Shefford. 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 1991. The conveyancing solicitor in Shefford who acted for me is not around.Any advice?

First make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Shefford conveyancing firm to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of maisonettes in Shefford both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Shefford. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

What advice can you give us when it comes to appointing a Shefford conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Shefford conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Shefford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How experienced is the firm with lease extension legislation?
• How many lease extensions has the firm completed in Shefford in the last twenty four months?

Do you have any top tips for leasehold conveyancing in Shefford from the point of view of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Shefford can be avoided if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Shefford state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such changes. If you dont have the consents in place do not contact the landlord without contacting your lawyer first.
• A minority of Shefford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a replacement share certificate can be a time consuming process and slows down many a Shefford conveyancing deal. Where a duplicate share certificate is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

I acquired a 1 bedroom flat in Shefford, conveyancing formalities finalised 1998. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Shefford with over 90 years remaining are worth £239,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2093

You have 67 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 plus legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.