There are only 62 years unexpired on my flat in Kelvedon. I am keen to get lease extension but my freeholder is absent. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the lessor. On the whole an enquiry agent would be useful to try and locate and to produce an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Kelvedon.

Looking forward to sign contracts shortly on a studio apartment in Kelvedon. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?

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

• The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark

I have just appointed agents to market my ground floor flat in Kelvedon.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – Do I pay up?

The sensible thing to do is pay the invoice 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 management companies will not acknowledge the buyer until 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 am looking at a two maisonettes in Kelvedon which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Kelvedon is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 Kelvedon 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 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.

What are the frequently found problems that you see in leases for Kelvedon properties?

Leasehold conveyancing in Kelvedon is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• 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 could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Bank of Ireland all have very detailed 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 grant the mortgage, obliging the buyer to pull out.

Kelvedon Leasehold Conveyancing - Sample of Queries Prior to Purchasing

Does the lease include onerous restrictions? How much is the service charge and ground rent on the property? Is the freehold reversion owned collectively by the leaseholders?

Other Topics

Lease Extensions in Kelvedon