Examples of recent questions relating to leasehold conveyancing in Wendover
Planning to complete next month on a leasehold property in Wendover. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Wendover should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Wendover. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Wendover are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Wendover so you should seriously consider shopping around for a Wendover conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
Can you offer any advice when it comes to finding a Wendover conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Wendover conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Wendover conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If they are not ALEP accredited then what is the reason?
All being well we will complete the disposal of our £500000 garden flat in Wendover in just under a week. The management company has quoted £324 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Wendover?
Wendover conveyancing on leasehold apartments ordinarily results in fees being invoiced by landlords agents :
- Addressing pre-exchange enquiries
- 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
In relation to leasehold conveyancing in Wendover what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Wendover. Most leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts 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
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Norwich and Peterborough Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I own a 1st floor flat in Wendover, conveyancing formalities finalised 2009. Can you work out an approximate cost of a lease extension? Corresponding properties in Wendover with a long lease are worth £184,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2091
With 69 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 plus 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 due diligence. You should not use this information in tribunal or court proceedings. 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. Please do not take any other action based on this information before seeking the advice of a professional.