I am hoping to complete next month on a garden flat in Ingatestone. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Does the lease prohibit wood flooring?
• Are pets allowed in the flat?
• Does the lease prevent you from letting out the flat, or working from home
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• Whether your lease has a provision for a sinking fund?
• Repair and maintenance of the flat
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

I am attracted to a two flats in Ingatestone which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

I work for a long established estate agency in Ingatestone where we see a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Ingatestone conveyancing solicitors. Could you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Can you provide any top tips for leasehold conveyancing in Ingatestone with the purpose of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Ingatestone can be bypassed if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers lawyers.
• Many freeholders or managing agents in Ingatestone levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Ingatestone.
• Some Ingatestone leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet 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 as opposed to unsettled.
• If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Organising a replacement share certificate can be a time consuming process and frustrates many a Ingatestone home move. Where a duplicate share is required, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

What makes a Ingatestone lease problematic?

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

• Repairing obligations to or maintain elements of the premises
• 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

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Norwich and Peterborough Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.

I inherited a split level flat in Ingatestone, conveyancing was carried out 7 years ago. How much will my lease extension cost? Similar flats in Ingatestone with a long lease are worth £236,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2100

With 74 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.