I am hoping to sign contracts shortly on a basement flat in Shirehampton. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?

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

• Do you need to have carpet in the flat or are you allowed wood flooring?
• You should be told what counts as a Nuisance in the lease
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Repair and maintenance of 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
• Responsibility for repairing the window frames

Back In 2004, I bought a leasehold house in Shirehampton. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Shirehampton who previously acted has long since retired.Any advice?

First make enquiries of HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Shirehampton conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two flats in Shirehampton both have in the region of 50 years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Shirehampton is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Shirehampton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am a negotiator for a long established estate agent office in Shirehampton where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Shirehampton conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can initiate the lease extension process for the buyer?

As long as the seller has been the owner 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 need not have to sit tight for 2 years to extend their lease. 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 purchaser.

Can you offer any advice when it comes to finding a Shirehampton conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Shirehampton conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Shirehampton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

• How experienced is the practice with lease extension legislation?
• Can they put you in touch with client in Shirehampton who can give a testimonial?

Shirehampton Leasehold Conveyancing - Examples of Questions you should ask before buying

This question is important as a) areas may cause problems for the block as the common areas may start to deteriorate if repairs are not paid for b) if the tenants have an issue with the managing agents you will want to have all the details The best form of lease structure is where the freehold reversion is owned by the leaseholders. In this arrangement the tenants enjoy control and even though a managing agent is usually retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.