Experts for Leasehold Conveyancing in Wedmore

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Leasehold conveyancing in Wedmore is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Wedmore and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Wedmore leasehold conveyancing

My husband and I may need to sub-let our Wedmore basement flat temporarily due to a career opportunity. We instructed a Wedmore conveyancing firm in 2002 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?

Even though your last Wedmore conveyancing lawyer is not available you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you must seek consent from your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without first obtaining permission. The consent should not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

Looking forward to complete next month on a garden flat in Wedmore. Conveyancing lawyers inform 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 Wedmore should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The total extent of the demise. This will be the apartment itself but may incorporate a roof space or basement if applicable.
  • You must be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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 For details of the information to be included in your report on your leasehold property in Wedmore please enquire of your solicitor in ahead of your conveyancing in Wedmore

    • I am employed by a long established estate agent office in Wedmore where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Wedmore conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension process for the buyer?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

    Can you provide any advice for leasehold conveyancing in Wedmore with the intention of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Wedmore can be reduced where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers representatives.
    • Many landlords or managing agents in Wedmore levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Wedmore.
  • A minority of Wedmore leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 service charge figures 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 before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Arranging a new share certificate is often a lengthy formality and frustrates many a Wedmore home move. Where a new share certificate is needed, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.

    • When it comes to leasehold conveyancing in Wedmore what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Wedmore. All leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Clydesdale 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.

    I bought a basement flat in Wedmore, conveyancing was carried out 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Wedmore with an extended lease are worth £241,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2099

    With only 74 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

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    Lease Extensions in Wedmore