Leasehold Conveyancing in Wakefield - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Wakefield leasehold conveyancing

I am in need of some leasehold conveyancing in Wakefield. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Wakefield - 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.

I am intending to rent out my leasehold apartment in Wakefield. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

Your lease dictates relations between the freeholder and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Wakefield do not prevent subletting altogether – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

Last month I purchased a leasehold property in Wakefield. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What are your top tips when it comes to choosing a Wakefield conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Wakefield conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Wakefield conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • What volume of lease extensions has the firm conducted in Wakefield in the last 12 months?
  • What are the charges for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Wakefield with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Wakefield can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
    • The majority landlords or Management Companies in Wakefield charge for supplying management packs for a leasehold premises. 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 accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Wakefield.
  • A minority of Wakefield leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain 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 solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 ongoing.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I invested in buying a 1st floor flat in Wakefield, conveyancing having been completed 9 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Wakefield with over 90 years remaining are worth £175,000. The ground rent is £65 yearly. The lease ceases on 21st October 2082

    With just 56 years remaining on your lease we estimate the premium for your lease extension to span between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wakefield