I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Tredegar. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Tredegar ?

Most houses in Tredegar are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Tredegar in which case you should be looking for a Tredegar conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.

I am looking at a two flats in Tredegar which have approximately 50 years left on the leases. Will this present a problem?

There are plenty of short leases in Tredegar. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

I am employed by a reputable estate agent office in Tredegar where we have witnessed a number of flat sales jeopardised due to short leases. I have received conflicting advice from local Tredegar conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

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 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 before, or at the same time as completion of the disposal of the property.

An alternative approach is 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 finding a Tredegar conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Tredegar conveyancing practice) 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 Tredegar conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• What volume of lease extensions has the firm completed in Tredegar in the last year?
• What are the charges for lease extension conveyancing?

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £ 250000 apartment in Tredegar next Monday . The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Tredegar?

Tredegar conveyancing on leasehold flats more often than not necessitates the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to sell the property.

I own a studio flat in Tredegar, conveyancing formalities finalised 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Tredegar with over 90 years remaining are worth £215,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2092

With only 66 years left to run we estimate the premium for your lease extension to span between £14,300 and £16,400 plus costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do 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 you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.