I am hoping to complete next month on a basement flat in Stilton. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?

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

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
• Are you allowed to have a pet in the flat?
• Whether your lease has a provision for a sinking fund?
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• Responsibility for repairing the window frames
• What the implications are if you breach a clause of your lease?

I am looking at a couple of apartments in Stilton which have approximately forty five years remaining on the leases. Will this present a problem?

There are plenty of short leases in Stilton. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field

I am a negotiator for a reputable estate agent office in Stilton where we see a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Stilton conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can initiate the lease extension process 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 prior to, or at the same time as 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 buyer.

What advice can you give us when it comes to appointing a Stilton conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Stilton conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Stilton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• What volume of lease extensions have they completed in Stilton in the last year?
• What are the costs for lease extension work?

When it comes to leasehold conveyancing in Stilton what are the most frequent lease problems?

Leasehold conveyancing in Stilton is not unique. All leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You may 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. Birmingham Midshires, The Royal Bank of Scotland, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

I own a studio flat in Stilton, conveyancing was carried out 2009. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Stilton with an extended lease are worth £262,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2076

With 50 years unexpired we estimate the premium for your lease extension to range between £39,000 and £45,000 as well as costs.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.