Looking forward to sign contracts shortly on a ground floor flat in Kesgrave. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

• The physical extent of the property. This will be the apartment itself but could also incorporate a loft or basement if applicable.

Defining your legal entitlements in respect of common areas in the building.E.G., does the lease include a right of way over an accessway or hallways?

Ground rent - how much and when you need to pay, and also know whether this is subject to change

You should have a good understanding of the insurance provisions

Repair and maintenance of the flat

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

What you can do if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Kesgrave please enquire of your conveyancer in ahead of your conveyancing in Kesgrave

I am tempted by the attractive purchase price for a two apartments in Kesgrave both have approximately 50 years remaining on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Kesgrave is a wasting 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 property. The majority of purchasers and lenders, leases with under 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 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 Kesgrave 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 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.

I am employed by a busy estate agent office in Kesgrave where we see a few flat sales jeopardised due to short leases. I have received conflicting advice from local Kesgrave conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-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 wait 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.

What advice can you give us when it comes to choosing a Kesgrave conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Kesgrave conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Kesgrave conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• How many lease extensions have they carried out in Kesgrave in the last year?

What are the costs for lease extension conveyancing?

All being well we will complete the sale of our £275000 maisonette in Kesgrave in six days. The managing agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Kesgrave?

Kesgrave conveyancing on leasehold maisonettes typically results in administration charges raised by managing agents :

• Addressing pre-contract enquiries
• Where consent is required before sale in Kesgrave
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Kesgrave leasehold premises is £350. For Kesgrave conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

Kesgrave Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying

Best to be warned if fixing the lift or some other significant cost is anticipated that will be shared between the leaseholders and could well materially impact the level of the maintenance costs or require a specific invoice. Does this lease have more than 85 years remaining? If a Kesgrave lease has fewer than 80 years it will impact the marketability of the flat. It is worth checking with your bank that they are content with the length of the lease. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of what this will be. For most Kesgravelease extensions you would need to own the residence for a couple of years in order to be eligible to exercise a lease extension.

Other Topics

Lease Extensions in Kesgrave