Leasehold Conveyancing in Wedmore - Get a Quote from the leasehold experts approved by your lender

Get a Quote

Looking for a solicitor for leasehold conveyancing in Wedmore on your lender’s panel? Make use of our search tool to find quality local Wedmore conveyancing practitioners or nationwide solicitors on your lender’s panel .

Common questions relating to Wedmore leasehold conveyancing

I am in need of some leasehold conveyancing in Wedmore. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% are in Wedmore - 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.

Expecting to complete next month on a studio apartment in Wedmore. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Will you be prohibited or prevented from having pets in the property?
  • 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
  • Responsibility for repairing the window frames
  • 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 Wedmore please ask your solicitor in advance of your conveyancing in Wedmore

    • Back In 2004, I bought a leasehold house in Wedmore. Conveyancing and Skipton Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Wedmore who acted for me is not around.What should I do?

    First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Wedmore conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am attracted to a two maisonettes in Wedmore both have approximately fifty years unexpired on the leases. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Wedmore is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and lenders, leases with under 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 property 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 Wedmore conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

    Do you have any top tips for leasehold conveyancing in Wedmore from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Wedmore can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
    • Many freeholders or managing agents in Wedmore charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Wedmore.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Wedmore leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such changes. Where you fail to have the approvals to hand do not contact the landlord without contacting your solicitor before hand.
  • Some Wedmore leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 buyers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled.

    • I own a basement flat in Wedmore, conveyancing formalities finalised 3 years ago. How much will my lease extension cost? Comparable properties in Wedmore with over 90 years remaining are worth £215,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2102

    With just 76 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 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 are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Wedmore