Having had my offer accepted I require leasehold conveyancing in Stechford. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Stechford - 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 hoping to sign contracts shortly on a leasehold property in Stechford. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• You must be told what constitutes a Nuisance in the lease

I have just appointed agents to market my garden apartment in Stechford.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – Do I pay up?

The sensible thing to do is pay the service charge 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 managing agents will not acknowledge the buyer unless 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 couple of apartments in Stechford which have in the region of fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Stechford is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less attractive. 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 a residence 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 Stechford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.

I am employed by a reputable estate agency in Stechford where we see a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Stechford conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

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. The benefit of this is 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 before, or at the same time as completion of the disposal of the property.

An alternative approach is 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.

Stechford Leasehold Conveyancing - Sample of Questions you should consider before buying

Please inform me if there are any major works anticipated that will increase the maintenance fees? This question is helpful as a) areas may result in problems in the building as the communal areas may start to deteriorate if services are not paid for b) if the leasehold owners have an issue with the managing agents you will want to have all the details Does the lease have onerous restrictions?

Other Topics

Lease Extensions in Stechford