Looking forward to sign contracts shortly on a leasehold property in Walkington. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• You should be told what counts as a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• You should have a good understanding of the insurance provisions
• Repair and maintenance of the flat
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• What the implications are if you breach a clause of your lease?

I am attracted to a two maisonettes in Walkington both have approximately 50 years left on the leases. Do I need to be concerned?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

What are your top tips when it comes to appointing a Walkington conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Walkington conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Walkington 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:

• How familiar is the firm with lease extension legislation?
• Can they put you in touch with client in Walkington who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Walkington with the intention of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Walkington can be avoided if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ representatives.
• Many freeholders or Management Companies in Walkington levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Walkington.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Walkington leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you dont have the approvals in place you should not communicate with the landlord without contacting your conveyancer before hand.
• If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate is often a time consuming process and frustrates many a Walkington conveyancing transaction. If a reissued share certificate is necessary, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

When it comes to leasehold conveyancing in Walkington what are the most frequent lease problems?

Leasehold conveyancing in Walkington is not unique. All leases are unique and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

I bought a garden flat in Walkington, conveyancing was carried out 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Walkington with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease expires on 21st October 2105

With just 79 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.