I only have 68 years unexpired on my flat in Wem. I now want to extend my lease but my landlord is can not be found. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the lessor. In some cases an enquiry agent may be useful to carry out a search and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Wem.

I am tempted by the attractive purchase price for a couple of maisonettes in Wem both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Wem is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with less than 75 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 property 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 Wem 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

I've recently bought a leasehold flat in Wem. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any advice for leasehold conveyancing in Wem with the aim of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Wem can be bypassed where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Wem leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. Should you dont have the consents in place you should not communicate with the landlord without contacting your lawyer first.

We expect to complete our sale of a £300000 garden flat in Wem in just under a week. The management company has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Wem?

Wem conveyancing on leasehold maisonettes often requires the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to assist. They may levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to complete the sale of your home.

Wem Leasehold Conveyancing - Sample of Questions you should consider before buying

The prefered form of lease structure is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and even though a managing agent is often employed if the building is larger than a house conversion, the managing agent is directed by the tenants. How much is the ground rent and service charge? Plenty Wem leasehold flats will be liable to pay a service bill for the upkeep of the block set on behalf of the management company. Should you purchase the property you will have to pay this amount, usually quarterly accross the year. This could be anything from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met annual, this is usually not a exorbitant figure, say approximately £50-£100 but you need to enquire it because on occasion it can be many hundreds of pounds.

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Lease Extensions in Wem