Top Five Questions relating to Wadebridge leasehold conveyancing
I am in need of some leasehold conveyancing in Wadebridge. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Wadebridge - 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.
Having checked my lease I have discovered that there are only 62 years unexpired on my lease in Wadebridge. I need to extend my lease but my landlord is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the freeholder. In some cases an enquiry agent would be useful to try and locate and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Wadebridge.
I am looking at a two flats in Wadebridge which have in the region of 50 years unexpired on the leases. should I be concerned?
There are plenty of short leases in Wadebridge. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
Can you provide any advice for leasehold conveyancing in Wadebridge with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Wadebridge can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Wadebridge leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you fail to have the consents in place do not contact the landlord without checking with your solicitor in the first instance.
Are there frequently found deficiencies that you witness in leases for Wadebridge properties?
There is nothing unique about leasehold conveyancing in Wadebridge. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- A duty to insure the building
- 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Leeds Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I own a garden flat in Wadebridge, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Wadebridge with a long lease are worth £205,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2078
With just 55 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 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 the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.