Looking forward to sign contracts shortly on a studio apartment in Ingatestone. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Ingatestone should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• Setting out your legal entitlements in relation to common areas in the block.For instance, does the lease contain a right of way over an accessway or hallways?
• Are pets allowed in the flat?
• Whether the lease restricts you from subletting the property, or working from home
• You need to be told what constitutes a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Ingatestone. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Ingatestone ?

Most houses in Ingatestone are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Ingatestone so you should seriously consider shopping around for a Ingatestone conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.

I am looking at a couple of maisonettes in Ingatestone which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

What are your top tips when it comes to appointing a Ingatestone conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Ingatestone conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Ingatestone conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How familiar is the practice with lease extension legislation?
• If the firm is not ALEP accredited then why not?

In relation to leasehold conveyancing in Ingatestone what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Ingatestone. Most leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

• 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Platform Home Loans Ltd 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 defective they may refuse to provide security, forcing the purchaser to withdraw.

Ingatestone Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing

The best form of lease structure is where the freehold interest is owned by the leaseholders. In this situation the lessees have control and even though a managing agent is often employed where it is bigger than a house conversion, the managing agent is directed by the tenants. If a Ingatestone lease has less than eighty years it will affect the salability of the property. It is worth checking with your mortgage company that they are content with the length of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will need to own the premises for 24 months in order to be eligible to extend the lease.