Examples of recent questions relating to leasehold conveyancing in Wickford
Expecting to exchange soon on a ground floor flat in Wickford. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Wickford should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Wickford. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Wickford ?
The majority of houses in Wickford are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Wickford so you should seriously consider shopping around for a Wickford conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
I own a leasehold flat in Wickford. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Wickford who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Wickford conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold house in Wickford. Do I have any liability for service charges relating to a period prior to 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. 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).
I am employed by a reputable estate agency in Wickford where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Wickford conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.
I am the registered owner of a 2 bed flat in Wickford, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Wickford with an extended lease are worth £179,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2093
With just 71 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.