I am on look out for some leasehold conveyancing in Woodhouse Eaves. Before I get started I would like to find out the remaining lease term.

If the lease is registered - and most are in Woodhouse Eaves - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Estate agents have just been given the go-ahead to market my basement flat in Woodhouse Eaves.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay 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 management companies will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a two maisonettes in Woodhouse Eaves which have about forty five years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Woodhouse Eaves is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and banks, leases with under eighty 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 premises 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 premises 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 Woodhouse Eaves 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 employed by a reputable estate agent office in Woodhouse Eaves where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Woodhouse Eaves conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can initiate the lease extension process for the buyer?

Provided that the seller has owned the lease 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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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.

Can you offer any advice when it comes to finding a Woodhouse Eaves conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Woodhouse Eaves conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Woodhouse Eaves conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How familiar is the firm with lease extension legislation?

Leasehold Conveyancing in Woodhouse Eaves - Sample of Questions you should ask before buying

You will want to discover as much as you can concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the tidiness of the common parts. Don't be shy to ask other tenants if they are happy with them. In conclusion, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes. How many years are left on the lease? The best form of lease arrangement is where the freehold title is owned by the leaseholders. In this arrangement the leaseholders benefit from being in charge if their destiny and notwithstanding that a managing agent is often retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders.

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Lease Extensions in Woodhouse Eaves