Guaranteed fixed fees for Leasehold Conveyancing in Wadebridge

Get a Quote

Whether you are buying or selling leasehold flat in Wadebridge, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Wadebridge conveyancing lawyer with our search tool

Wadebridge leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Wadebridge. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Wadebridge - 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 am hoping to exchange soon on a basement flat in Wadebridge. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

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

  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Whether the lease restricts you from letting out the flat, or having a home office for business
  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat For details of the information to be included in your report on your leasehold property in Wadebridge please ask your solicitor in advance of your conveyancing in Wadebridge

    • I am tempted by the attractive purchase price for a two flats in Wadebridge which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

    A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable 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 protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

    I work for a busy estate agency in Wadebridge where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Wadebridge conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

    Do you have any top tips for leasehold conveyancing in Wadebridge with the aim of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Wadebridge can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
    • The majority landlords or Management Companies in Wadebridge levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Wadebridge.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Wadebridge leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you dont have the paperwork to hand do not communicate with the landlord without contacting your lawyer before hand.
  • A minority of Wadebridge leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.

    • I invested in buying a leasehold flat in Wadebridge, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Wadebridge with an extended lease are worth £181,000. The ground rent is £50 per annum. The lease ceases on 21st October 2082

    You have 58 years left to run the likely cost is going to span between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should 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 without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wadebridge