I am on look out for some leasehold conveyancing in St Columb. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

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

Estate agents have just been given the go-ahead to market my garden flat in St Columb.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge invoice – Do I pay up?

It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am employed by a long established estate agency in St Columb where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local St Columb conveyancing solicitors. Can you clarify whether the owner 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 buyer.

Do you have any top tips for leasehold conveyancing in St Columb from the point of view of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in St Columb can be reduced where you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
• Many freeholders or Management Companies in St Columb 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 information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in St Columb.
• If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? St Columb leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such works. If you fail to have the paperwork in place you should not communicate with the landlord without contacting your solicitor first.
• Some St Columb leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 buyers or their solicitors.
• If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Arranging a duplicate share certificate is often a time consuming process and slows down many a St Columb home move. If a duplicate share is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

What are the common defects that you see in leases for St Columb properties?

There is nothing unique about leasehold conveyancing in St Columb. Most leases are individual and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

I inherited a 1 bedroom flat in St Columb, conveyancing formalities finalised in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in St Columb with a long lease are worth £179,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2097

With 71 years left to run the likely cost is going to be between £12,400 and £14,200 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.