I am in need of some leasehold conveyancing in Yaxley. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and most are in Yaxley - then the leasehold title will always include the basic details 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.

I am tempted by the attractive purchase price for a two apartments in Yaxley both have approximately fifty years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Yaxley is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and mortgage companies, 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 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 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 Yaxley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Last month I purchased a leasehold house in Yaxley. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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 provide any top tips for leasehold conveyancing in Yaxley with the aim of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Yaxley can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
• Some Yaxley leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
• If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or settle 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 particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved.
• If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate is often a time consuming process and frustrates many a Yaxley home move. Where a duplicate share certificate is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is less than 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

Completion in due on the sale of our £ 275000 apartment in Yaxley on Monday in a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Yaxley?

Yaxley conveyancing on leasehold flats more often than not necessitates the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality you have no option but to pay whatever is demanded if you want to sell the property.

I inherited a 2 bed flat in Yaxley, conveyancing was carried out 1998. How much will my lease extension cost? Corresponding properties in Yaxley with an extended lease are worth £239,000. The ground rent is £55 yearly. The lease runs out on 21st October 2104

With only 78 years left to run we estimate the price of your lease extension to range between £11,400 and £13,200 plus costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.