Having had my offer accepted I require leasehold conveyancing in Maldon. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Maldon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Maldon. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Maldon are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Maldon so you should seriously consider looking for a Maldon conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am employed by a long established estate agency in Maldon where we have experienced a number of flat sales jeopardised as a result of short leases. I have been given inconsistent advice from local Maldon conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 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 purchaser.

What are your top tips when it comes to appointing a Maldon conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Maldon conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Maldon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• How familiar is the practice with lease extension legislation?

When it comes to leasehold conveyancing in Maldon what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Maldon. Most leases is drafted differently and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• 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

You may 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. Halifax, Barnsley Building Society, and Nottingham Building Society all have express 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 pull out.

Leasehold Conveyancing in Maldon - A selection of Queries before buying

How is the lease structured? Please note if it is no more than 80 years it will have adverse implications on the value of the apartment. Check with your lender that they are content with residual term of the lease. A short lease means that you will almost definitely need a lease extension at some point and it is worth discovering what this will be. For most Maldonlease extensions you would need to own the residence for 24 months in order to be legally able to exercise a lease extension. What prohibitions are contained in the Maldon Lease?

Other Topics

Lease Extensions in Maldon