I am looking at a couple of apartments in Ingatestone both have approximately 50 years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Ingatestone is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. 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 property 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 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.

I've recently bought a leasehold property in Ingatestone. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I work for a busy estate agent office in Ingatestone where we have experienced a few leasehold sales derailed due to short leases. I have been given conflicting advice from local Ingatestone conveyancing solicitors. Can you confirm whether the seller of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. 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.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 advice for leasehold conveyancing in Ingatestone with the purpose of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Ingatestone can be avoided where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Ingatestone leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Should you fail to have the paperwork in place do not contact the landlord without checking with your solicitor in the first instance.

We expect to complete the disposal of our £125000 maisonette in Ingatestone in 8 days. The landlords agents has quoted £336 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Ingatestone?

Ingatestone conveyancing on leasehold apartments more often than not requires the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to do so. They are entitled invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

I acquired a ground floor flat in Ingatestone, conveyancing having been completed in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Ingatestone with over 90 years remaining are worth £241,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2090

With only 65 years remaining on your lease we estimate the price of your lease extension to span between £14,300 and £16,400 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously 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.

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Lease Extensions in Ingatestone