Estate agents have just been given the go-ahead to market my 2 bed flat in Wolsingham.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am attracted to a two maisonettes in Wolsingham both have about 50 years remaining on the leases. should I be concerned?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena

I am employed by a reputable estate agency in Wolsingham where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Wolsingham conveyancing solicitors. Could you clarify whether the owner of a flat can commence the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 Wolsingham conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Wolsingham conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Wolsingham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How experienced is the practice with lease extension legislation?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £275000 garden flat in Wolsingham in nine days. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Wolsingham?

Wolsingham conveyancing on leasehold apartments often involves the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to do so. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is above £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality you have no choice but to pay whatever is demanded if you want to sell the property.

I inherited a studio flat in Wolsingham, conveyancing formalities finalised in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Wolsingham with a long lease are worth £195,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2092

With 67 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing 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 tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Wolsingham