Having had my offer accepted I require leasehold conveyancing in Wedmore. Before I get started I require certainty as to the unexpired term of the lease.

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

I am attracted to a couple of apartments in Wedmore which have about forty five years remaining on the leases. Will this present a problem?

There are plenty of short leases in Wedmore. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

I am a negotiator for a long established estate agency in Wedmore where we see a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Wedmore conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 purchaser.

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

• Much of the delay in leasehold conveyancing in Wedmore 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 needed by the purchasers’ solicitors.
• The majority landlords or managing agents in Wedmore charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information 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 usual cause of frustration in leasehold conveyancing in Wedmore.

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? Wedmore leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. If you dont have the paperwork in place do not contact the landlord without checking with your solicitor in the first instance.

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 place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The 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 lawyers.

If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Obtaining a new share certificate is often a time consuming process and slows down many a Wedmore home move. If a new share is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.

Completion in due on our sale of a £325000 garden flat in Wedmore in just under a week. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Wedmore?

For the majority of leasehold sales in Wedmore conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Wedmore
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Wedmore leasehold premises is £350. For Wedmore conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Wedmore Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing

This question is helpful as a) areas can cause problems for the block as the communal areas may start to deteriorate if services are not paid for b) if the tenants have an issue with the running of the building you will want to know about it You should want to find out as much as you can concerning the managing agents as they can either make life much simpler or a lot more difficult. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to practical matters such as the upkeep of the common parts. Don't be afraid to ask prospective neighbours what they think of their management. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money. Is there a share of the freehold?

Other Topics

Lease Extensions in Wedmore