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

If the lease is recorded at the land registry - and 99.9% are in Great Baddow - 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 am attracted to a couple of flats in Great Baddow which have approximately forty five years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Great Baddow is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and banks, leases with less than eighty years become less and less attractive. 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 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 Great Baddow 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 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 property in Great Baddow. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

All being well we will complete our sale of a £ 125000 flat in Great Baddow next week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Great Baddow?

Great Baddow conveyancing on leasehold flats normally involves the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs 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 accompanied by a summary of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to sell the property.

What makes a Great Baddow lease unacceptable for security purposes?

Leasehold conveyancing in Great Baddow is not unique. All leases are individual and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Alliance & Leicester 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Great Baddow Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing

It is important to be aware whether a new roof is being installed or some other significant cost is coming up to be shared between the tenants and will materially increase the the service fees or require a one time invoice. The prefered form of lease arrangement is a share of the freehold. In this situation the leaseholders benefit from being in charge if their destiny and even though a managing agent is often retained where the building is bigger than a house conversion, the managing agent is directed by the tenants.