I am on look out for some leasehold conveyancing in Colchester. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Colchester - 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've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Colchester. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Colchester ?

Most houses in Colchester are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Colchester in which case you should be looking for a Colchester conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am employed by a reputable estate agent office in Colchester where we have experienced a few flat sales put at risk due to short leases. I have been given contradictory information from local Colchester conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as 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. The benefit of this is 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 before, 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 purchaser.

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

When appointing a solicitor for your lease extension (regardless if they are a Colchester conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Colchester 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:

• How experienced is the firm with lease extension legislation?

Are there common problems that you witness in leases for Colchester properties?

There is nothing unique about leasehold conveyancing in Colchester. All leases are unique and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• 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

You will encounter 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, Barnsley Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I bought a split level flat in Colchester, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding flats in Colchester with an extended lease are worth £180,000. The ground rent is £60 levied per year. The lease terminates on 21st October 2097

You have 72 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus costs.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use the figures 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 take any other action placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Colchester