I am attracted to a couple of flats in Washwood Heath both have approximately forty five years remaining on the lease term. Do I need to be concerned?

There are plenty of short leases in Washwood Heath. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

Can you offer any advice when it comes to choosing a Washwood Heath conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Washwood Heath 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 several firms including non Washwood Heath conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• If they are not ALEP accredited then why not?
• Can they put you in touch with client in Washwood Heath who can give a testimonial?

Do you have any advice for leasehold conveyancing in Washwood Heath from the perspective of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Washwood Heath can be avoided where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers solicitors.
• The majority landlords or Management Companies in Washwood Heath levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Washwood Heath.
• A minority of Washwood Heath leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
• If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Obtaining a new share certificate is often a lengthy formality and frustrates many a Washwood Heath home move. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.

All being well we will complete our sale of a £ 150000 apartment in Washwood Heath next Thursday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Washwood Heath?

Washwood Heath conveyancing on leasehold flats nine out of ten times results in fees being invoiced by landlords agents :

• Answering pre-exchange enquiries
• Where consent is required before sale in Washwood Heath
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Washwood Heath leasehold property is £350. For Washwood Heath conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

Are there common defects that you come across in leases for Washwood Heath properties?

There is nothing unique about leasehold conveyancing in Washwood Heath. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

I acquired a 1 bedroom flat in Washwood Heath, conveyancing formalities finalised 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Washwood Heath with a long lease are worth £240,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2094

You have 68 years left to run the likely cost is going to be between £13,300 and £15,400 plus costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.