Due to exchange soon on a studio apartment in St Helens. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in St Helens should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years

I am looking at a two flats in St Helens both have about forty five years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in St Helens is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. 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 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 property 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 St Helens 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 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.

What advice can you give us when it comes to choosing a St Helens conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a St Helens conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non St Helens conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• Can they put you in touch with client in St Helens who can give a testimonial?

We expect to complete the sale of our £350000 garden flat in St Helens on Monday in a week. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in St Helens?

St Helens conveyancing on leasehold maisonettes often involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to assist. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

In relation to leasehold conveyancing in St Helens what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in St Helens. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• 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

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Nottingham Building Society all have express 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 defective they may refuse to provide security, forcing the buyer to pull out.

I acquired a leasehold flat in St Helens, conveyancing was carried out 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in St Helens with over 90 years remaining are worth £244,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2095

With 70 years left to run we estimate the price of your lease extension to be between £12,400 and £14,200 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in St Helens