Fixed-fee leasehold conveyancing in Wavertree:

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Questions and Answers: Wavertree leasehold conveyancing

I am on look out for some leasehold conveyancing in Wavertree. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Wavertree - 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.

Due to sign contracts shortly on a basement flat in Wavertree. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Wavertree should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Defining your rights in respect of the communal areas in the block.For example, does the lease provide for a right of way over an accessway or staircase?
  • Whether the lease restricts you from renting out the property, or having a home office for business
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Wavertree please enquire of your lawyer in advance of your conveyancing in Wavertree

    • I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Wavertree. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Wavertree ?

    The majority of houses in Wavertree are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Wavertree so you should seriously consider looking for a Wavertree conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.

    I am tempted by the attractive purchase price for a two flats in Wavertree which have in the region of fifty years left on the lease term. Will this present a problem?

    There are plenty of short leases in Wavertree. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

    Can you provide any advice for leasehold conveyancing in Wavertree from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Wavertree can be bypassed where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
    • Many landlords or managing agents in Wavertree levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Wavertree.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Wavertree leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you fail to have the approvals to hand you should not contact the landlord without contacting your conveyancer first.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Organising a new share certificate is often a time consuming process and frustrates many a Wavertree conveyancing transaction. If a reissued share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • Wavertree Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

      How long is the Lease? The majority of Wavertree leasehold properties will incur a service charge for the upkeep of the block invoiced on behalf of the freeholder. Should you buy the property you will have to pay this charge, usually quarterly throughout the year. This can be anything from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all probability there will be a rentcharge for you to pay annual, this is usually not a large amount, say approximately £50-£100 but you should to check as on occasion it could be surprisingly expensive. It is important to be aware if a new roof is being installed or some other significant cost is coming up to be shared by the leasehold owners and will materially impact the level of the service fees or result in a one time invoice.

    Other Topics

    Lease Extensions in Wavertree