Recently asked questions relating to Wallasey leasehold conveyancing
I've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Wallasey. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Wallasey ?
The majority of houses in Wallasey are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Wallasey so you should seriously consider looking for a Wallasey conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will advise you fully on all the issues.
Back In 2005, I bought a leasehold flat in Wallasey. Conveyancing and Leeds Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Wallasey who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Wallasey conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a long established estate agency in Wallasey where we have witnessed a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local Wallasey conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is 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.
What are your top tips when it comes to choosing a Wallasey conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Wallasey conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Wallasey conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Are there frequently found problems that you come across in leases for Wallasey properties?
Leasehold conveyancing in Wallasey is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, 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 purchaser to withdraw.
Wallasey Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
Does the lease have onerous restrictions?
It is important to be aware whether a new roof is being installed or some other significant cost is pending that will be shared between the leasehold owners and will dramatically increase the the maintenance charges or require a specific payment.
The majority of Wallasey leasehold flats will incur a service charge for the upkeep of the block set on behalf of the management company. Should you buy the property you will have to meet this charge, normally quarterly during the year. This could be anything from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all probability there will be a ground rent for you to pay annual, this is usually not a exorbitant figure, say approximately £25-£75 but you should to check as occasionally it can be many hundreds of pounds.