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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Wallingford, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Wallingford leasehold conveyancing

I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Wallingford. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Wallingford ?

The majority of houses in Wallingford are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Wallingford so you should seriously consider looking for a Wallingford conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.

My wife and I purchased a leasehold flat in Wallingford. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Wallingford who previously acted has now retired.What should I do?

First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Wallingford conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Wallingford both have about fifty years left on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

Can you provide any advice for leasehold conveyancing in Wallingford with the intention of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Wallingford can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Wallingford leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord approving such alterations. Where you fail to have the consents in place do not contact the landlord without contacting your conveyancer in the first instance.
  • Some Wallingford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 lawyers.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers 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 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 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 clearly preferable to present the dispute as over rather than unresolved.
  • If you hold a share in a the Management Company, you should make sure that you have the original share document. Arranging a new share certificate can be a lengthy formality and delays many a Wallingford home move. Where a new share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • What makes a Wallingford lease problematic?

    There is nothing unique about leasehold conveyancing in Wallingford. Most leases are unique and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • 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 will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    I acquired a basement flat in Wallingford, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Wallingford with a long lease are worth £238,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2105

    With only 80 years remaining on your lease the likely cost is going to span between £10,500 and £12,000 plus 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 supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wallingford