I am hoping to complete next month on a basement flat in Halstead. Conveyancing lawyers 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 Halstead should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I have just started marketing my garden flat in Halstead.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is pay 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. This will smooth the conveyancing process.

I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Halstead. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Halstead ?

The majority of houses in Halstead are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Halstead in which case you should be shopping around for a Halstead conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

My wife and I purchased a leasehold flat in Halstead. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Halstead who previously acted has long since retired.Any advice?

First contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Halstead conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of flats in Halstead which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Halstead is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and mortgage companies, 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 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 a residence 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 Halstead conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.

Leasehold Conveyancing in Halstead - Sample of Questions you should consider before Purchasing

It is important to be aware if a new roof is being installed or some other major work is anticipated to be shared amongst the leaseholders and could well dramatically increase the the maintenance charges or result in a one off invoice. The answer will be helpful as a) areas may result in problems for the block as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leasehold owners have an issue with the running of the building you will want to have complete disclosure Please note that where the lease has fewer than eighty years it will affect the marketability of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the property for two years before you are entitled to extend the lease.

Other Topics

Lease Extensions in Halstead