I am on look out for some leasehold conveyancing in Frinton On Sea. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Frinton On Sea - 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’m about to sell my ground floor apartment in Frinton On Sea.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is clear 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 unless 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 am looking at a two apartments in Frinton On Sea which have approximately 50 years unexpired on the lease term. should I be concerned?

A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

I am a negotiator for a long established estate agency in Frinton On Sea where we see a few leasehold sales derailed due to short leases. I have been given inconsistent advice from local Frinton On Sea conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

Alternatively, it may be possible 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 buyer.

Do you have any top tips for leasehold conveyancing in Frinton On Sea with the purpose of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Frinton On Sea can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers lawyers.
• Many freeholders or Management Companies in Frinton On Sea levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack 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 usual reason for frustration in leasehold conveyancing in Frinton On Sea.
• If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Frinton On Sea leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such alterations. Where you dont have the paperwork in place you should not contact the landlord without checking with your solicitor first.
• A minority of Frinton On Sea 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 obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I own a basement flat in Frinton On Sea, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Frinton On Sea with an extended lease are worth £193,000. The ground rent is £55 per annum. The lease expires on 21st October 2092

With only 66 years unexpired the likely cost is going to span between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.