I am attracted to a two flats in Worplesdon both have approximately 50 years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Worplesdon is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with under eighty years become less and less marketable. On a more upbeat 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 Worplesdon 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've recently bought a leasehold property in Worplesdon. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to choosing a Worplesdon conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Worplesdon 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 speak with several firms including non Worplesdon 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 useful:

• What volume of lease extensions have they completed in Worplesdon in the last year?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £400000 garden flat in Worplesdon in just under a week. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Worplesdon?

Worplesdon conveyancing on leasehold flats normally necessitates the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to do so. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.

When it comes to leasehold conveyancing in Worplesdon what are the most common lease problems?

Leasehold conveyancing in Worplesdon is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

I am the registered owner of a ground floor flat in Worplesdon, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Worplesdon with a long lease are worth £213,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2090

With only 65 years left to run we estimate the price of your lease extension to be between £17,100 and £19,800 as well as costs.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Worplesdon