I am hoping to exchange soon on a basement flat in Shildon. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?

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

• The physical extent of the demise. This will be the property itself but could also incorporate a loft or basement if appropriate.
• Does the lease prevent you from subletting the property, or working from home
• Repair and maintenance of the flat
• Responsibility for repairing the window frames
• 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?

I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Shildon. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Shildon ?

Most houses in Shildon are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Shildon so you should seriously consider looking for a Shildon conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will advise you fully on all the issues.

I am looking at a two maisonettes in Shildon both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

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

If you are instructing a conveyancer for lease extension works (regardless if they are a Shildon conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Shildon conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• What volume of lease extensions have they completed in Shildon in the last year?
• What are the legal fees for lease extension conveyancing?

Do you have any top tips for leasehold conveyancing in Shildon with the purpose of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Shildon can be avoided if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers.
• The majority freeholders or Management Companies in Shildon charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Shildon.
• A minority of Shildon leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
• If you hold a share in a the freehold, you should make sure that you are holding the original share document. Obtaining a re-issued share certificate is often a lengthy formality and frustrates many a Shildon home move. If a reissued share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

I invested in buying a studio flat in Shildon, conveyancing was carried out 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Shildon with an extended lease are worth £202,000. The ground rent is £60 levied per year. The lease ends on 21st October 2084

With just 58 years left to run we estimate the price of your lease extension to be between £22,800 and £26,400 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.