Fixed-fee leasehold conveyancing in Wallasey:

When it comes to leasehold conveyancing in Wallasey, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Halifax, Yorkshire Building Society or Nationwide make sure you choose a lawyer on their panel. Find a Wallasey conveyancing lawyer with our search tool

Sample questions relating to Wallasey leasehold conveyancing

There are only 62 years remaining on my flat in Wallasey. I now wish to extend my lease but my freeholder is absent. What are my options?

If you meet the appropriate requirements, 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 enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the lessor. For most situations a specialist would be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court covering Wallasey.

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Wallasey. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Wallasey are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Wallasey so you should seriously consider shopping around for a Wallasey conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.

I am looking at a couple of apartments in Wallasey which have approximately 50 years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Wallasey is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wallasey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any top tips for leasehold conveyancing in Wallasey from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Wallasey can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
  • Many freeholders or Management Companies in Wallasey levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Wallasey.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You will have to accept that you will have to 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 particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a new share certificate can be a lengthy process and slows down many a Wallasey conveyancing deal. If a duplicate share is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is less than 75 years. It is therefore essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

  • Completion in due on the disposal of our £150000 maisonette in Wallasey next week. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Wallasey?

    Wallasey conveyancing on leasehold maisonettes ordinarily necessitates fees being levied by landlords agents :

    • Addressing pre-exchange questions
    • Where consent is required before sale in Wallasey
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Wallasey leasehold premises is £350. For Wallasey conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

    I bought a split level flat in Wallasey, conveyancing was carried out 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? Equivalent properties in Wallasey with an extended lease are worth £234,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2083

    With just 59 years remaining on your lease we estimate the price of your lease extension to range between £25,700 and £29,600 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Wallasey