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Wadhurst leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Wadhurst. Before I get started I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Wadhurst - 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.

Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Wadhurst. I now wish to extend my lease but my freeholder is absent. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to track down the lessor. In some cases a specialist should be helpful to carry out a search and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Wadhurst.

I am looking at a two apartments in Wadhurst both have in the region of 50 years remaining on the leases. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

I am employed by a long established estate agency in Wadhurst where we see a few flat sales put at risk as a result of short leases. I have been given contradictory information from local Wadhurst conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.

Do you have any advice for leasehold conveyancing in Wadhurst with the purpose of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Wadhurst can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
  • The majority landlords or Management Companies in Wadhurst charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Wadhurst.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Wadhurst leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you dont have the consents in place you should not communicate with the landlord without contacting your solicitor before hand.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Obtaining a duplicate share certificate can be a lengthy process and delays many a Wadhurst conveyancing transaction. If a duplicate share certificate is needed, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

    • I purchased a basement flat in Wadhurst, conveyancing formalities finalised in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Wadhurst with a long lease are worth £173,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2102

    With just 77 years left to run the likely cost is going to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wadhurst