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Recently asked questions relating to Wargrave leasehold conveyancing

I am on look out for some leasehold conveyancing in Wargrave. Before I get started I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and almost all 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.

There are only Seventy years left on my flat in Wargrave. I need to get lease extension but my landlord is can not be found. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission 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 have done all that could be expected to find the freeholder. In some cases a specialist may be useful to try and locate and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Wargrave.

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Wargrave. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Wargrave ?

The majority of houses in Wargrave are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Wargrave so you should seriously consider looking for a Wargrave conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am looking at a couple of flats in Wargrave both have in the region of 50 years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Wargrave is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and banks, leases with less than 75 years become less and less attractive. 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 property 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 premises 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 Wargrave conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 provide any top tips for leasehold conveyancing in Wargrave with the purpose of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Wargrave can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
  • The majority landlords or managing agents in Wargrave levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought 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 cause of delay in leasehold conveyancing in Wargrave.
  • A minority of Wargrave leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Organising a re-issued share certificate can be a lengthy process and delays many a Wargrave home move. Where a new share is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I purchased a basement flat in Wargrave, conveyancing was carried out 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Wargrave with over 90 years remaining are worth £212,000. The ground rent is £55 yearly. The lease comes to an end on 21st October 2084

    With 60 years unexpired we estimate the price of your lease extension to be between £20,900 and £24,200 plus costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wargrave