Fixed-fee leasehold conveyancing in Ingatestone:

Get a Quote

Leasehold conveyancing in Ingatestone is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Ingatestone and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Frequently asked questions relating to Ingatestone leasehold conveyancing

I only have 62 years left on my lease in Ingatestone. I now wish to extend my lease but my landlord is can not be found. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. On the whole a specialist should be useful to try and locate and to produce a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Ingatestone.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Ingatestone. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Ingatestone ?

The majority of houses in Ingatestone 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 clear that you are purchasing in Ingatestone so you should seriously consider looking for a Ingatestone conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Ingatestone which have in the region of fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Ingatestone is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. 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 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 Ingatestone 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.

Can you provide any top tips for leasehold conveyancing in Ingatestone from the point of view of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Ingatestone can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers lawyers.
  • Many landlords or Management Companies in Ingatestone charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Ingatestone.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Ingatestone leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such alterations. Where you dont have the approvals to hand you should not contact the landlord without contacting your solicitor in advance.
  • Some Ingatestone leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.

    • Are there common defects that you encounter in leases for Ingatestone properties?

    Leasehold conveyancing in Ingatestone is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

    I inherited a 1 bedroom flat in Ingatestone, conveyancing was carried out 1997. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Ingatestone with an extended lease are worth £245,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2098

    With only 74 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ingatestone