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

If the lease is recorded at the land registry - and 99.9% are in Great Dunmow - 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 want to sublet my leasehold flat in Great Dunmow. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Notwithstanding that your previous Great Dunmow conveyancing solicitor is no longer available you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is allowed. There may be a precondition that you need to obtain consent via your landlord or some other party before subletting. The net result is that you cannot sublet without first obtaining consent. Such consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.

Estate agents have just been given the go-ahead to market my garden apartment in Great Dunmow.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a couple of apartments in Great Dunmow which have approximately 50 years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Great Dunmow is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with less than 75 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 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 Great Dunmow 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Are there frequently found problems that you see in leases for Great Dunmow properties?

There is nothing unique about leasehold conveyancing in Great Dunmow. All leases are unique and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair 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 may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

Great Dunmow Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

How is the lease structured? It would be prudent to discover if there are any onerous restrictions in the lease. For example plenty of leases prohibit pets being permitted in in a block in Great Dunmow. If you love the flatin Great Dunmow however your dog can’t live with you then you have a very hard determination. Who is in charge of the block?

Other Topics

Lease Extensions in Great Dunmow