Having had my offer accepted I require leasehold conveyancing in Much Hadham. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

If the lease is registered - and most are in Much Hadham - then the leasehold title will always include the basic details 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 am employed by a long established estate agent office in Much Hadham where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Much Hadham conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have 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 simultaneously with 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 finding a Much Hadham conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Much Hadham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Much Hadham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How experienced is the practice with lease extension legislation?

Can you provide any top tips for leasehold conveyancing in Much Hadham from the point of view of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Much Hadham can be reduced if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Much Hadham state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such works. Should you fail to have the approvals in place you should not communicate with the landlord without contacting your lawyer in the first instance.

What are the frequently found defects that you encounter in leases for Much Hadham properties?

There is nothing unique about leasehold conveyancing in Much Hadham. All leases is drafted differently and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may have 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. National Westminster Bank, Barnsley Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

I invested in buying a garden flat in Much Hadham, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Much Hadham with a long lease are worth £254,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2092

You have 66 years unexpired we estimate the price of your lease extension to span between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Much Hadham