I am on look out for some leasehold conveyancing in South Hylton. Before I get started I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in South Hylton - 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.

I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in South Hylton. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in South Hylton are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in South Hylton in which case you should be shopping around for a South Hylton conveyancing practitioner and check that they have experience in dealing with 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 will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.

I am attracted to a couple of maisonettes in South Hylton which have in the region of 50 years unexpired on the lease term. Do I need to be concerned?

There are plenty of short leases in South Hylton. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

I am a negotiator for a busy estate agency in South Hylton where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local South Hylton conveyancing solicitors. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

Do you have any advice for leasehold conveyancing in South Hylton from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in South Hylton can be avoided if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
• Many freeholders or managing agents in South Hylton levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought 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 frequent reason for delay in leasehold conveyancing in South Hylton.

I inherited a 2 bed flat in South Hylton, conveyancing was carried out 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in South Hylton with over 90 years remaining are worth £218,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2077

You have 52 years unexpired we estimate the price of your lease extension to be between £37,100 and £42,800 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in South Hylton