I am in need of some leasehold conveyancing in Clacton On Sea. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is registered - and almost all are in Clacton On Sea - 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've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Clacton On Sea. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Clacton On Sea ?

Most houses in Clacton On Sea are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Clacton On Sea so you should seriously consider looking for a Clacton On Sea conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.

My wife and I purchased a leasehold flat in Clacton On Sea. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Clacton On Sea who previously acted has now retired.What should I do?

First contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Clacton On Sea conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a busy estate agent office in Clacton On Sea where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Clacton On Sea conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

In relation to leasehold conveyancing in Clacton On Sea what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Clacton On Sea. All leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Aldermore all have express conveyancing instructions 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 grant the mortgage, obliging the buyer to pull out.

I acquired a basement flat in Clacton On Sea, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Clacton On Sea with a long lease are worth £230,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2091

With 67 years left to run the likely cost is going to span between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Clacton On Sea