I am on look out for some leasehold conveyancing in Walton on the Naze. Before I set the wheels in motion I would like to find out the remaining lease term.

Assuming the lease is registered - and most are in Walton on the Naze - then the leasehold title will always include the short particulars 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 tempted by the attractive purchase price for a couple of maisonettes in Walton on the Naze which have in the region of 50 years left on the leases. should I be concerned?

There are plenty of short leases in Walton on the Naze. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold house in Walton on the Naze. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. A critical element 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).

What are your top tips when it comes to finding a Walton on the Naze conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Walton on the Naze conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Walton on the Naze conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• How familiar is the practice with lease extension legislation?
• What volume of lease extensions has the firm carried out in Walton on the Naze in the last 12 months?

What are the frequently found defects that you encounter in leases for Walton on the Naze properties?

There is nothing unique about leasehold conveyancing in Walton on the Naze. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• A duty to insure the building
• 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

You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

I invested in buying a 1st floor flat in Walton on the Naze, conveyancing having been completed 8 years ago. How much will my lease extension cost? Equivalent flats in Walton on the Naze with over 90 years remaining are worth £216,000. The ground rent is £60 yearly. The lease expires on 21st October 2086

With only 60 years unexpired we estimate the premium for your lease extension to range between £20,000 and £23,000 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.