I am in need of some leasehold conveyancing in Shildon. Before diving in I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Shildon - 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.

Can you offer any advice when it comes to appointing a Shildon conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Shildon 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 talk with two or three firms including non Shildon 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 helpful:

• If the firm is not ALEP accredited then why not?

What volume of lease extensions has the firm carried out in Shildon in the last twenty four months?

Can you provide any advice for leasehold conveyancing in Shildon from the point of view of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Shildon can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
• Many landlords or managing agents in Shildon levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Shildon.

A minority of Shildon leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Arranging a re-issued share certificate is often a lengthy formality and slows down many a Shildon home move. Where a duplicate share certificate is necessary, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.

You believe that you know the number of years left on your lease but you should verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Completion in due on our sale of a £325000 garden flat in Shildon on Friday in a week. The managing agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Shildon?

Shildon conveyancing on leasehold flats nine out of ten times necessitates administration charges invoiced by managing agents :

• Addressing conveyancing due diligence enquiries
• Where consent is required before sale in Shildon
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Shildon leasehold property is £350. For Shildon conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

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

Leasehold conveyancing in Shildon is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• A duty to insure the building
• 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

You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Skipton 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

I purchased a studio flat in Shildon, conveyancing having been completed 2003. Can you work out an approximate cost of a lease extension? Corresponding flats in Shildon with a long lease are worth £193,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2087

With 61 years remaining on your lease we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures 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. You should not take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Shildon