Having had my offer accepted I require leasehold conveyancing in Great Yarmouth. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Great Yarmouth - 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.

Expecting to complete next month on a garden flat in Great Yarmouth. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Great Yarmouth should include some of the following:

• You should receive a copy of the lease

I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Great Yarmouth. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Great Yarmouth are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Great Yarmouth so you should seriously consider shopping around for a Great Yarmouth conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two maisonettes in Great Yarmouth which have about fifty years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Great Yarmouth is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat 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 premises 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 Yarmouth 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.

Can you offer any advice when it comes to finding a Great Yarmouth conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Great Yarmouth conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Great Yarmouth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• If the firm is not ALEP accredited then why not?

Great Yarmouth Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

Is the freehold owned jointly by the tenants? The best form of lease arrangement is if the freehold title is owned by the leaseholders. In this situation the tenants enjoy being in charge if their destiny and although a managing agent is frequently employed where the building is larger than a house conversion, the managing agent retained by the leaseholders. You will want to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily issues such as the cleanliness of the common parts. Ask other people what they think of their management. Finally, find out the dates that the maintenance fees are due to the managing agents and precisely what you get for your money.

Other Topics

Lease Extensions in Great Yarmouth