I am hoping to sign contracts shortly on a basement flat in Thurrock. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Thurrock should include some of the following:

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

I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Thurrock. Conveyancing advisers have are about to be appointed. Will they explain the issues?

The majority of houses in Thurrock 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. it is apparent that you are buying in Thurrock so you should seriously consider looking for a Thurrock conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of maisonettes in Thurrock both have about fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Thurrock is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and banks, leases with under eighty years become less and less attractive. On a more positive 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 Thurrock 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 a negotiator for a busy estate agent office in Thurrock where we have experienced a few leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Thurrock conveyancing solicitors. Can you clarify whether the vendor of a flat can start 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 proposed purchaser can avoid having 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 disposal of the property.

Alternatively, it may be possible 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 purchaser.

What are the frequently found problems that you encounter in leases for Thurrock properties?

Leasehold conveyancing in Thurrock is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and Britannia 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

I own a garden flat in Thurrock, conveyancing was carried out in 2005. 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? Comparable flats in Thurrock with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2090

With just 64 years left to run we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Thurrock