I am on look out for some leasehold conveyancing in Colchester. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Colchester - 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 ground floor apartment in Colchester.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is discharge the service charge 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. This will smooth the conveyancing process.

I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Colchester. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Colchester ?

Most houses in Colchester are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Colchester in which case you should be shopping around for a Colchester conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.

Can you provide any top tips for leasehold conveyancing in Colchester from the point of view of expediting the sale process?

• Much of the delay in leasehold conveyancing in Colchester can be reduced if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
• The majority landlords or Management Companies in Colchester charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Colchester.

What are the frequently found problems that you see in leases for Colchester properties?

There is nothing unique about leasehold conveyancing in Colchester. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Platform Home Loans Ltd all have very detailed requirements 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.

Leasehold Conveyancing in Colchester - A selection of Queries Prior to Purchasing

The prefered form of lease arrangement is if the freehold interest is owned by the leaseholders. In this arrangement the leaseholders have control and even though a managing agent is often retained if it is larger than a house conversion, the managing agent is directed by the tenants. The answer will be useful as a) areas could result in problems for the block as the communal areas may begin to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to have all the details Its a good idea to discover as much as you can regarding the managing agents as they will either make your living at the property much simpler or problematic. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to every day issues such as the upkeep of the communal areas. Ask other tenants what they think of their management. Finally, investigate as to the dates that the service fees are due to the appropriate party and specifically what it includes.

Other Topics

Lease Extensions in Colchester