Having had my offer accepted I require leasehold conveyancing in Somersham. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Somersham - 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.

Frank (my husband) and I may need to rent out our Somersham basement flat for a while due to a career opportunity. We used a Somersham conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Some leases for properties in Somersham do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I am attracted to a two flats in Somersham both have about forty five years unexpired on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Somersham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Somersham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Can you provide any top tips for leasehold conveyancing in Somersham from the point of view of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Somersham can be reduced where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
• The majority landlords or managing agents in Somersham charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Somersham.
• A minority of Somersham 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 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
• If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than ongoing.
• You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 75 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

If all goes to plan we aim to complete the disposal of our £ 375000 flat in Somersham next week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Somersham?

Somersham conveyancing on leasehold maisonettes often requires the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They may levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

I own a 2 bed flat in Somersham, conveyancing was carried out in 2010. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Somersham with over 90 years remaining are worth £215,000. The ground rent is £65 levied per year. The lease ends on 21st October 2098

You have 72 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 plus professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information 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.