Common questions relating to Wareham leasehold conveyancing
I am on look out for some leasehold conveyancing in Wareham. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Wareham - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Wareham. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Wareham are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Wareham in which case you should be shopping around for a Wareham conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.
What advice can you give us when it comes to choosing a Wareham conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Wareham conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Wareham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Wareham with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Wareham can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
- The majority landlords or managing agents in Wareham charge for supplying 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 average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Wareham.
Are there frequently found defects that you see in leases for Wareham properties?
There is nothing unique about leasehold conveyancing in Wareham. All leases is drafted differently and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.
I invested in buying a basement flat in Wareham, conveyancing was carried out 3 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 Wareham with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2098
With just 75 years remaining on your lease the likely cost is going to range 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 cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.