Looking forward to exchange soon on a leasehold property in Epping. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• Are pets allowed in the flat?
• Whether the lease restricts you from renting out the flat, or working from home
• You should have a good understanding of the insurance provisions
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• Responsibility for repairing the window frames

I have just started marketing my basement flat in Epping.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge 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 until 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. This will smooth the conveyancing process.

I am looking at a couple of flats in Epping both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Epping is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. 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 Epping 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.

I've recently bought a leasehold house in Epping. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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 ensure 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).

Completion in due on the disposal of our £ 325000 maisonette in Epping next Wednesday . The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Epping?

Epping conveyancing on leasehold apartments usually requires the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They may charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

I invested in buying a ground floor flat in Epping, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Epping with an extended lease are worth £204,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ceases on 21st October 2081

With 55 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.