Is there a reason why leasehold purchase conveyancing in Hertford costs more?

Hertford leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

I have todaybeen informed that Wolstenholmes have closed. They carried out my conveyancing in Hertford for a purchase of a freehold house 12 months ago. How can I establish that my home is registered correctly in the name of the previous owner?

The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Hertford conveyancing specialists.

I am looking for a ground for flat up to £305k and found one round the corner in Hertford I like with amenity areas and station nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Hertford for this price, so just wondered if I would be making a grave error purchasing a short lease?

Should you need a mortgage that many years may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.

My uncle has recommend that I appoint his conveyancing solicitors in Hertford. Should I choose my own property lawyer?

Much as we are happy to recommend a Hertford conveyancing lawyer the ideal way to choose a conveyancing practitioner is to have referrals from friends or family who have actually previously instructed the solicitor you're contemplating using.

I am looking at a two apartments in Hertford both have approximately 50 years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Hertford is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. 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 Hertford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

I purchased a 2 bed flat in Hertford, conveyancing formalities finalised in 1997. 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? Similar flats in Hertford with over 90 years remaining are worth £180,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2084

With 59 years left to run we estimate the price of your lease extension to range between £20,900 and £24,200 plus legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.