Looking forward to sign contracts shortly on a studio apartment in Wheathampstead. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Wheathampstead should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

I've recently bought a leasehold flat in Wheathampstead. Am I liable to pay service charges for periods before 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

I am employed by a busy estate agent office in Wheathampstead where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Wheathampstead conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension process 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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 purchaser.

Do you have any top tips for leasehold conveyancing in Wheathampstead with the aim of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Wheathampstead can be avoided where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Wheathampstead leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such alterations. If you dont have the paperwork in place you should not communicate with the landlord without checking with your solicitor in the first instance.

What makes a Wheathampstead lease defective?

Leasehold conveyancing in Wheathampstead is not unique. Most leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Bank of Scotland, and Godiva Mortgages Ltd all have very detailed conveyancing instructions 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 purchaser to withdraw.

I am the registered owner of a leasehold flat in Wheathampstead, conveyancing was carried out 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Wheathampstead with over 90 years remaining are worth £178,000. The ground rent is £55 levied per year. The lease ends on 21st October 2084

You have 58 years left to run we estimate the price of your lease extension to be between £21,900 and £25,200 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Wheathampstead