Fixed-fee leasehold conveyancing in Old Woking:

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I have just started marketing my basement apartment in Old Woking.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – what should I do?

The sensible thing to do is clear the service charge 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 management companies 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.

My wife and I purchased a leasehold flat in Old Woking. Conveyancing and Nationwide Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Old Woking who acted for me is not around.Any advice?

First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Old Woking conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

What advice can you give us when it comes to appointing a Old Woking conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Old Woking conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Old Woking conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • What volume of lease extensions have they conducted in Old Woking in the last twenty four months?
  • Can they put you in touch with client in Old Woking who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Old Woking with the aim of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Old Woking can be reduced if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
    • Many landlords or managing agents in Old Woking levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Old Woking.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Old Woking leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your solicitor in the first instance.
  • If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a duplicate share certificate is often a lengthy formality and frustrates many a Old Woking home move. If a duplicate share certificate is needed, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • In relation to leasehold conveyancing in Old Woking what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Old Woking. Most leases are unique and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Virgin Money, and TSB 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 provide security, obliging the buyer to withdraw.

    I invested in buying a leasehold flat in Old Woking, conveyancing formalities finalised 2009. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Old Woking with a long lease are worth £250,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2087

    With only 62 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 plus costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Old Woking