I am in need of some leasehold conveyancing in Wendover. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and most are in Wendover - then the leasehold title will always include the short particulars 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've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Wendover. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

The majority of houses in Wendover are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Wendover in which case you should be looking for a Wendover conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.

I own a leasehold house in Wendover. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Wendover who previously acted has long since retired.What should I do?

First contact HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Wendover conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a reputable estate agent office in Wendover where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Wendover conveyancing solicitors. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?

As long as 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 proposed purchaser can avoid having 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 disposal of the property.

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.

What are the common problems that you encounter in leases for Wendover properties?

There is nothing unique about leasehold conveyancing in Wendover. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• 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

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, The Mortgage Works, and Aldermore all have express requirements 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, obliging the purchaser to withdraw.

Wendover Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

The best form of lease structure is a share of the freehold. In this situation the leaseholders benefit from control and even though a managing agent is frequently retained if it is larger than a house conversion, the managing agent is directed by the tenants. Most Wendover leasehold apartments will be liable to pay a service charge for maintenance of the building set on behalf of the freeholder. Should you purchase the property you will have to pay this charge, normally in instalments throughout the year. This can be anything from several hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a ground rent for you to pay annual, this is usually not a large sum, say around £25-£75 but you should to enquire as sometimes it can be many hundreds of pounds. You should be aware if it is less than eighty years it will impact the salability of the apartment. Check with your mortgage company that they are happy with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and it is worth finding out how much this will be. Remember, in most cases you will be required to have owned the property for a couple of years in order to be eligible to exercise a lease extension.

Other Topics

Lease Extensions in Wendover