I am looking at a two maisonettes in West Thurrock both have about fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in West Thurrock is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with under 75 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 West 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.

What advice can you give us when it comes to choosing a West Thurrock conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a West Thurrock conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non West Thurrock conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• Can they put you in touch with client in West Thurrock who can give a testimonial?
• What are the legal fees for lease extension conveyancing?

Do you have any advice for leasehold conveyancing in West Thurrock with the purpose of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in West Thurrock can be reduced if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
• The majority landlords or Management Companies in West Thurrock charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in West Thurrock.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? West Thurrock leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such works. If you dont have the approvals to hand you should not contact the landlord without checking with your solicitor in advance.
• Some West Thurrock leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Organising a replacement share certificate is often a lengthy process and frustrates many a West Thurrock conveyancing transaction. If a new share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

Completion in due on our sale of a £ 175000 garden flat in West Thurrock next Tuesday . The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in West Thurrock?

West Thurrock conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is above £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you if you want to sell the property.

After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in West Thurrock. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to determine the price payable.

An example of a Lease Extension decision for a West Thurrock premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term was 76 years.

When it comes to leasehold conveyancing in West Thurrock what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in West Thurrock. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• 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. National Westminster Bank, Barnsley Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

West Thurrock Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

Are any of leasehold owners in arrears of their service charge liability?