I have just started marketing my basement apartment in Templecombe.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 managing agents will not acknowledge the buyer unless 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've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Templecombe. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Templecombe ?

The majority of houses in Templecombe are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Templecombe in which case you should be looking for a Templecombe conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.

I own a leasehold house in Templecombe. Conveyancing and Chelsea Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Templecombe who previously acted has now retired.What should I do?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. There is no need to instruct a Templecombe conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a busy estate agent office in Templecombe where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Templecombe conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Templecombe from the point of view of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Templecombe can be reduced where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
• The majority landlords or managing agents in Templecombe levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Templecombe.

I acquired a ground floor flat in Templecombe, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Templecombe with an extended lease are worth £251,000. The ground rent is £60 invoiced annually. The lease runs out on 21st October 2091

With only 66 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure 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 additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

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Lease Extensions in Templecombe