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

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Leasehold conveyancing in Wallingford is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Wallingford and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Frequently asked questions relating to Wallingford leasehold conveyancing

I am tempted by the attractive purchase price for a two apartments in Wallingford both have in the region of forty five years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Wallingford. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

I work for a long established estate agent office in Wallingford where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Wallingford conveyancing solicitors. Please can you confirm whether the owner 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 buyer.

What advice can you give us when it comes to appointing a Wallingford conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Wallingford conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Wallingford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • How many lease extensions has the firm carried out in Wallingford in the last twenty four months?
  • Can they put you in touch with client in Wallingford who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Wallingford from the perspective of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Wallingford can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers representatives.
    • The majority landlords or Management Companies in Wallingford charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought 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 common cause of delay in leasehold conveyancing in Wallingford.
  • 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? Wallingford leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such changes. If you dont have the paperwork to hand you should not communicate with the landlord without contacting your lawyer in advance.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate is often a time consuming formality and delays many a Wallingford conveyancing transaction. If a duplicate share certificate is required, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • All being well we will complete our sale of a £475000 flat in Wallingford next Friday . The managing agents has quoted £348 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Wallingford?

    Wallingford conveyancing on leasehold apartments normally involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to do so. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to complete the sale of your home.

    I inherited a ground floor flat in Wallingford, 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? Similar properties in Wallingford with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2091

    With 65 years left to run we estimate the premium for your lease extension to range between £15,200 and £17,600 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 are not able to provide the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wallingford