Common questions relating to Wendover leasehold conveyancing
Planning to sign contracts shortly on a basement flat in Wendover. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Wendover should include some of the following:
- The total extent of the property. This will be the flat itself but might include a loft or basement if applicable.
Last month I purchased a leasehold flat in Wendover. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. However, 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).
What are your top tips when it comes to finding a Wendover conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Wendover conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Wendover 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 helpful:
- How experienced is the practice with lease extension legislation?
All being well we will complete the sale of our £150000 garden flat in Wendover in just under a week. The landlords agents has quoted £408 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Wendover?
Wendover conveyancing on leasehold flats nine out of ten times necessitates fees being levied by managing agents :
- Answering pre-exchange questions
- Where consent is required before sale in Wendover
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Wendover lease unmortgageable?
There is nothing unique about leasehold conveyancing in Wendover. All leases are unique and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations 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.
- 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. Santander, Leeds Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I purchased a garden flat in Wendover, conveyancing having been completed 2000. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Wendover with over 90 years remaining are worth £213,000. The ground rent is £55 per annum. The lease ceases on 21st October 2098
With just 75 years remaining on your lease the likely cost is going to be between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.