Fixed-fee leasehold conveyancing in Epping:

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Epping, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Epping leasehold conveyancing

I am in need of some leasehold conveyancing in Epping. Before I get started I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Epping - 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.

I would like to rent out my leasehold apartment in Epping. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Notwithstanding that your previous Epping conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the property. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you need to seek permission via your landlord or some other party before subletting. This means that you cannot sublet without prior consent. Such consent should not be unreasonably turned down. If your lease prohibits you from letting out the property you should ask your landlord for their consent.

I am tempted by the attractive purchase price for a two flats in Epping both have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Epping 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 salability of the premises. The majority of purchasers and lenders, 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 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 Epping 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

What are your top tips when it comes to appointing a Epping conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Epping conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Epping conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Epping with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Epping can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
    • Many landlords or Management Companies in Epping charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Epping.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Epping leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such works. Should you fail to have the paperwork in place do not contact the landlord without contacting your conveyancer in advance.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Arranging a new share certificate can be a time consuming formality and slows down many a Epping home move. If a duplicate share certificate is necessary, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an as soon as possible 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.

    • I invested in buying a leasehold flat in Epping, conveyancing having been completed 2000. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Epping with an extended lease are worth £220,000. The ground rent is £65 yearly. The lease terminates on 21st October 2077

    With just 51 years remaining on your lease we estimate the price of your lease extension to range between £37,100 and £42,800 plus legals.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Epping