I am hoping to exchange soon on a ground floor flat in Winsford. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Winsford should include some of the following:

• Do you need to have carpet in the flat or are you allowed wood flooring?

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Winsford. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Winsford ?

Most houses in Winsford are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Winsford in which case you should be looking for a Winsford conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer should report to you on the legal implications.

I am attracted to a two flats in Winsford both have in the region of fifty years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Winsford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Winsford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am a negotiator for a busy estate agency in Winsford where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Winsford conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 purchaser.

What advice can you give us when it comes to finding a Winsford conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Winsford conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Winsford conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• If the firm is not ALEP accredited then what is the reason?

I inherited a 1 bedroom flat in Winsford, conveyancing was carried out in 1997. 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? Similar properties in Winsford with a long lease are worth £212,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2095

You have 71 years left to run we estimate the premium for your lease extension to span between £12,400 and £14,200 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Winsford