Questions and Answers: Wargrave leasehold conveyancing
I am in need of some leasehold conveyancing in Wargrave. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Wargrave - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Wargrave. I now wish to get lease extension but my freeholder is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. On the whole a specialist would be useful to try and locate and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Wargrave.
Planning to complete next month on a studio apartment in Wargrave. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Wargrave should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
Last month I purchased a leasehold house in Wargrave. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What advice can you give us when it comes to choosing a Wargrave conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Wargrave conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Wargrave conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
I purchased a ground floor flat in Wargrave, conveyancing formalities finalised 2005. How much will my lease extension cost? Comparable properties in Wargrave with a long lease are worth £196,000. The ground rent is £50 per annum. The lease runs out on 21st October 2073
You have 52 years left to run the likely cost is going to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.