I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in South Hornchurch. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most houses in South Hornchurch are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in South Hornchurch in which case you should be looking for a South Hornchurch conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I am looking at a couple of maisonettes in South Hornchurch which have approximately 50 years unexpired on the leases. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

I am a negotiator for a busy estate agent office in South Hornchurch where we have experienced a number of flat sales put at risk as a result of short leases. I have received contradictory information from local South Hornchurch conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as the seller has been the owner 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

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.

What advice can you give us when it comes to choosing a South Hornchurch conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a South Hornchurch conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non South Hornchurch conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How experienced is the firm with lease extension legislation?
• What are the costs for lease extension conveyancing?

We have reached the end of our tether in trying to purchase the freehold in South Hornchurch. Can this matter be resolved via the Leasehold Valuation Tribunal?

if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to decide the price.

An example of a Lease Extension case for a South Hornchurch residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The the unexpired residue of the current lease was 57.5 years.

When it comes to leasehold conveyancing in South Hornchurch what are the most common lease problems?

Leasehold conveyancing in South Hornchurch is not unique. All leases are individual and drafting errors can result in certain sections 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 building
• A duty to insure the building
• 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 primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and TSB 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 problematic they may refuse to provide security, forcing the purchaser to withdraw.

South Hornchurch Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

Does the lease include onerous restrictions? It is important to be aware if a new roof is being installed or some other significant cost is due in the near future that will be shared amongst the leaseholders and will dramatically impact the level of the service fees or require a specific payment. Is there a share of the freehold?