Fixed-fee leasehold conveyancing in Walton on the Naze:

Leasehold conveyancing in Walton on the Naze is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Walton on the Naze and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Examples of recent questions relating to leasehold conveyancing in Walton on the Naze

I am on look out for some leasehold conveyancing in Walton on the Naze. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Walton on the Naze - 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 have just appointed agents to market my garden flat in Walton on the Naze.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – Do I pay up?

It best that you pay the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a couple of maisonettes in Walton on the Naze which have in the region of fifty years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Walton on the Naze is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. 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 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 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 Walton on the Naze 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 a negotiator for a busy estate agency in Walton on the Naze where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Walton on the Naze conveyancing solicitors. Could you confirm whether the owner of a flat can instigate the lease extension process for the buyer?

As long as the seller has been the owner 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

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 buyer.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £225000 garden flat in Walton on the Naze next week. The management company has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Walton on the Naze?

Walton on the Naze conveyancing on leasehold flats usually involves fees being levied by management companies :

  • Addressing pre-contract enquiries
  • Where consent is required before sale in Walton on the Naze
  • Copies of the building insurance and schedule
  • Deeds of covenant upon sale
  • Registering of the assignment of the change of lessee after a sale
Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Walton on the Naze leasehold property is £350. For Walton on the Naze conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

Walton on the Naze Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing

    It is important to be aware whether redecorating or some other major work is due shortly to be shared between the leasehold owners and may well dramatically impact the level of the service charges or result in a specific payment. You will want to find out as much as you can concerning the company managing the building as they can either make living at the property much simpler or problematic. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the cleanliness of the communal areas. Don't be shy to ask other tenants if they are happy with their service. In conclusion, find out the dates that you are obliged pay the service charge to the relevant party and precisely how they are spending that money. If a Walton on the Naze lease has fewer than eighty years it will impact the value of the flat. Check with your lender that they are content with the length of the lease. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of how much this will be. For most Walton on the Nazelease extensions you would be required to have been the owner of the residence for 24 months before you are entitled to extend the lease.

Other Topics

Lease Extensions in Walton on the Naze