I am on look out for some leasehold conveyancing in Tedburn St Mary. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Tedburn St Mary - then the leasehold title will always include the basic details 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 have just appointed agents to market my basement apartment in Tedburn St Mary.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge invoice – Do I pay up?

The sensible thing to do is 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 until 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. This will smooth the conveyancing process.

I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Tedburn St Mary. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Tedburn St Mary ?

Most houses in Tedburn St Mary are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Tedburn St Mary so you should seriously consider looking for a Tedburn St Mary conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.

I work for a long established estate agency in Tedburn St Mary where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Tedburn St Mary conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?

Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. 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 disposal of the property.

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.

Can you provide any top tips for leasehold conveyancing in Tedburn St Mary with the purpose of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Tedburn St Mary can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
• The majority landlords or Management Companies in Tedburn St Mary charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Tedburn St Mary.
• If you have had conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
• If you hold a share in a the Management Company, you should make sure that you hold the original share document. Arranging a re-issued share certificate is often a time consuming process and delays many a Tedburn St Mary conveyancing deal. Where a new share is necessary, do contact the company officers or managing agents (where relevant) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

I acquired a 2 bed flat in Tedburn St Mary, conveyancing formalities finalised 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Tedburn St Mary with a long lease are worth £194,000. The ground rent is £60 levied per year. The lease finishes on 21st October 2096

With only 70 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues 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 based on this information before seeking the advice of a professional.