Fixed-fee leasehold conveyancing in Warwick:

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Frequently asked questions relating to Warwick leasehold conveyancing

I only have Seventy years unexpired on my flat in Warwick. I am keen to get lease extension but my freeholder is absent. What are my options?

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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. On the whole an enquiry agent may be helpful to conduct investigations and prepare a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Warwick.

I am looking at a two apartments in Warwick which have in the region of 50 years left on the leases. Do I need to be concerned?

There are plenty of short leases in Warwick. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

What advice can you give us when it comes to choosing a Warwick conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Warwick conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Warwick 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:

  • What volume of lease extensions have they conducted in Warwick in the last twenty four months?
  • Can they put you in touch with client in Warwick who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Warwick with the aim of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Warwick can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
    • The majority landlords or managing agents in Warwick charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Warwick.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Warwick leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. If you dont have the consents in place you should not communicate with the landlord without checking with your lawyer first.
  • If you hold a share in a the freehold, you should ensure that you have the original share certificate. Obtaining a re-issued share certificate is often a time consuming process and delays many a Warwick home move. Where a duplicate share certificate is required, do contact the company officers or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • In relation to leasehold conveyancing in Warwick what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Warwick. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • 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

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Skipton Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

    Leasehold Conveyancing in Warwick - A selection of Queries before buying

      This information is helpful as a) areas could cause problems in the building as the communal areas may start to deteriorate if services are not paid for b) if the leasehold owners have a dispute with the managing agents you will want to know about it Are any of leasehold owners in arrears of their service charge liability? How much is the ground rent and service charge?

    Other Topics

    Lease Extensions in Warwick