I am in need of some leasehold conveyancing in Kelvedon. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Kelvedon - 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've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Kelvedon. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Kelvedon ?

The majority of houses in Kelvedon are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Kelvedon in which case you should be shopping around for a Kelvedon conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.

I am attracted to a two apartments in Kelvedon both have about 50 years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Kelvedon is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with under 75 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 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 property 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 Kelvedon 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Can you offer any advice when it comes to choosing a Kelvedon conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Kelvedon conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Kelvedon conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• If the firm is not ALEP accredited then why not?

In relation to leasehold conveyancing in Kelvedon what are the most common lease problems?

Leasehold conveyancing in Kelvedon is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Bank of Ireland all have very detailed 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 provide security, forcing the buyer to withdraw.

I inherited a 1st floor flat in Kelvedon, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding flats in Kelvedon with a long lease are worth £188,000. The ground rent is £55 yearly. The lease ends on 21st October 2090

With only 65 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Kelvedon