I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Wetherby. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Wetherby ?

The majority of houses in Wetherby are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Wetherby so you should seriously consider shopping around for a Wetherby conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

I work for a busy estate agency in Wetherby where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Wetherby conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 purchaser.

What advice can you give us when it comes to finding a Wetherby conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Wetherby conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Wetherby conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• How familiar is the practice with lease extension legislation?

If all goes to plan we aim to complete the sale of our £150000 apartment in Wetherby next week. The management company has quoted £360 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Wetherby?

Wetherby conveyancing on leasehold maisonettes more often than not involves the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be willing to assist. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

When it comes to leasehold conveyancing in Wetherby what are the most frequent lease problems?

Leasehold conveyancing in Wetherby is not unique. Most leases are unique and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• 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 primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Coventry Building Society, and Alliance & Leicester all have very detailed 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 grant the mortgage, obliging the purchaser to pull out.

I own a garden flat in Wetherby, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Wetherby with over 90 years remaining are worth £186,000. The ground rent is £60 invoiced every year. The lease runs out on 21st October 2103

With only 78 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Wetherby