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Leasehold conveyancing in Weldon 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 Weldon and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Examples of recent questions relating to leasehold conveyancing in Weldon

I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Weldon. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Weldon ?

Most houses in Weldon are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Weldon in which case you should be looking for a Weldon conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.

Back In 2008, I bought a leasehold house in Weldon. Conveyancing and Skipton Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Weldon who previously acted has long since retired.What should I do?

First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Weldon conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a long established estate agent office in Weldon where we have experienced a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Weldon conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that 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 buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

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.

Do you have any top tips for leasehold conveyancing in Weldon with the aim of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Weldon can be bypassed where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
  • The majority landlords or Management Companies in Weldon charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Weldon.
  • Some Weldon leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should 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 financially capable of paying 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 there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle 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 particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Organising a replacement share certificate can be a lengthy formality and delays many a Weldon home move. If a new share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • In relation to leasehold conveyancing in Weldon what are the most frequent lease defects?

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

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Leeds Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    I inherited a 2 bed flat in Weldon, conveyancing having been completed 4 years ago. How much will my lease extension cost? Corresponding flats in Weldon with a long lease are worth £197,000. The ground rent is £60 per annum. The lease comes to an end on 21st October 2105

    You have 80 years unexpired we estimate the price of your lease extension to span between £10,500 and £12,000 plus costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Weldon