I have just appointed agents to market my ground floor apartment in Wareham.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

Back In 2009, I bought a leasehold house in Wareham. Conveyancing and Nottingham Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Wareham who acted for me is not around.Do I pay?

The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Wareham conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that regardless, 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 looking at a two maisonettes in Wareham which have in the region of fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Wareham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with under 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 premises 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 Wareham 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Can you offer any advice when it comes to choosing a Wareham conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Wareham conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Wareham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• How experienced is the practice with lease extension legislation?

We expect to complete the disposal of our £250000 garden flat in Wareham next Wednesday . The management company has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Wareham?

Wareham conveyancing on leasehold apartments more often than not requires the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

I acquired a leasehold flat in Wareham, conveyancing formalities finalised 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Wareham with a long lease are worth £269,000. The ground rent is £65 yearly. The lease ceases on 21st October 2102

You have 79 years unexpired we estimate the price of your lease extension to range between £10,500 and £12,000 as well as costs.

The figure 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. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Wareham