Looking forward to exchange soon on a studio apartment in Trowbridge Estate. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Trowbridge Estate should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark

My wife and I purchased a leasehold flat in Trowbridge Estate. Conveyancing and Santander mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Trowbridge Estate who acted for me is not around.Any advice?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Trowbridge Estate conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of apartments in Trowbridge Estate both have approximately 50 years remaining on the lease term. should I be concerned?

A 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 reduces and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field

I work for a long established estate agent office in Trowbridge Estate where we have witnessed a number of flat sales derailed due to short leases. I have been given conflicting advice from local Trowbridge Estate conveyancing firms. Can you clarify whether the owner 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. This means that the buyer 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 needs to be completed prior to, 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.

What makes a Trowbridge Estate lease unmortgageable?

Leasehold conveyancing in Trowbridge Estate is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Bank of Scotland, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

I purchased a 1 bedroom flat in Trowbridge Estate, conveyancing formalities finalised in 1999. How much will my lease extension cost? Comparable flats in Trowbridge Estate with an extended lease are worth £215,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2093

With 67 years unexpired we estimate the premium for your lease extension to be between £11,400 and £13,200 plus costs.

The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns 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 placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Trowbridge Estate