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Recently asked questions relating to Wellingborough leasehold conveyancing

Estate agents have just been given the go-ahead to market my garden apartment in Wellingborough.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

My wife and I purchased a leasehold house in Wellingborough. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Wellingborough who acted for me is not around.Do I pay?

First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Wellingborough conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two maisonettes in Wellingborough both have about 50 years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Wellingborough is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat 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 a residence 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 Wellingborough 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 the agreed 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.

What advice can you give us when it comes to finding a Wellingborough conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Wellingborough conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Wellingborough conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • Can they put you in touch with client in Wellingborough who can give a testimonial?
  • What are the costs for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Wellingborough from the perspective of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Wellingborough can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers lawyers.
    • Many freeholders or managing agents in Wellingborough levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Wellingborough.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Wellingborough state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you fail to have the paperwork in place you should not contact the landlord without checking with your conveyancer in advance.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is unsettled. 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 clearly preferable to reveal the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I acquired a studio flat in Wellingborough, conveyancing having been completed 9 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Wellingborough with a long lease are worth £245,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2088

    With just 62 years unexpired we estimate the price of your lease extension to span between £20,000 and £23,000 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wellingborough