I am on look out for some leasehold conveyancing in Stilton. Before I get started I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Stilton - 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.

Planning to complete next month on a leasehold property in Stilton. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Stilton. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

Most houses in Stilton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Stilton so you should seriously consider shopping around for a Stilton conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.

I am attracted to a couple of apartments in Stilton which have approximately 50 years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Stilton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. 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 premises 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 premises 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 Stilton 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 are your top tips when it comes to choosing a Stilton conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Stilton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Stilton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• If they are not ALEP accredited then why not?

I own a garden flat in Stilton, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Stilton with a long lease are worth £255,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2096

You have 71 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 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 detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Stilton