Guaranteed fixed fees for Leasehold Conveyancing in Welton

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Welton, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Welton

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Welton. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Welton ?

The majority of houses in Welton are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Welton so you should seriously consider shopping around for a Welton conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.

I work for a long established estate agent office in Welton where we see a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Welton conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension process for the buyer?

Provided that the seller has owned the lease 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 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 needs to be completed before, or at the same time as completion of the sale.

Alternatively, it may be possible 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 offer any advice when it comes to choosing a Welton conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Welton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Welton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • If they are not ALEP accredited then why not?
  • What are the costs for lease extension work?

    • Do you have any advice for leasehold conveyancing in Welton from the point of view of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Welton can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Welton state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. If you dont have the consents in place do not contact the landlord without contacting your lawyer in the first instance.
  • A minority of Welton leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 purchasers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate can be a time consuming formality and slows down many a Welton home move. Where a duplicate share certificate is needed, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • What makes a Welton lease unmortgageable?

    Leasehold conveyancing in Welton is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could 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. Nationwide Building Society, The Royal Bank of Scotland, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

    I inherited a leasehold flat in Welton, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Welton with a long lease are worth £270,000. The ground rent is £45 levied per year. The lease expires on 21st October 2092

    You have 68 years left to run we estimate the price of your lease extension to range between £15,200 and £17,600 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Welton