Expecting to complete next month on a leasehold property in Waltham. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?

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

• The physical extent of the premises. This will be the flat itself but could also include a loft or cellar if appropriate.

I own a leasehold flat in Waltham. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Waltham who acted for me is not around.What should I do?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Waltham conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of flats in Waltham which have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Waltham 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 marketability of the premises. The majority of buyers and mortgage companies, leases with less than 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 premises 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 Waltham 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've recently bought a leasehold flat in Waltham. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to finding a Waltham conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Waltham conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Waltham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• If they are not ALEP accredited then what is the reason?

I acquired a garden flat in Waltham, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Waltham with over 90 years remaining are worth £267,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2091

With only 66 years left to run the likely cost is going to range between £14,300 and £16,400 plus costs.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Waltham