Looking forward to exchange soon on a studio apartment in Telford. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

Back In 2000, I bought a leasehold flat in Telford. Conveyancing and Halifax mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Telford who previously acted has now retired.Any advice?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Telford conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Telford both have in the region of fifty years left on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Telford is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and lenders, leases with less than 75 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 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 Telford 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 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.

I am a negotiator for a busy estate agent office in Telford where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Telford conveyancing firms. Could you clarify whether the owner of a flat can commence 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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 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 purchaser.

Can you offer any advice when it comes to choosing a Telford conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Telford conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Telford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• If the firm is not ALEP accredited then what is the reason?

Telford Conveyancing for Leasehold Flats - A selection of Queries before buying

Does the lease include onerous restrictions? It would be prudent to discover as much as possible regarding the managing agents as they will either make life much simpler or much more difficult. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the communal areas. You should not be shy to ask other people what they think of them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds. In the main the outlay for major works are not incorporated into the service charges, although a few managing agents in Telford ask leaseholders to pay into a sinking fund created for the specific intention of establishing a fund for major repairs or maintenance.

Other Topics

Lease Extensions in Telford