Experts for Leasehold Conveyancing in Wickford

While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Wickford, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Wickford leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Wickford. Before I get started I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Wickford - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

My wife and I may need to rent out our Wickford basement flat for a while due to a career opportunity. We used a Wickford conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?

Even though your last Wickford conveyancing lawyer is not available you can check your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you need to obtain permission via your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of prior permission. The consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord for their consent.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Wickford. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Wickford ?

Most houses in Wickford are freehold rather than 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 purchasing in Wickford in which case you should be looking for a Wickford conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a two apartments in Wickford both have about forty five years unexpired on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Wickford is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wickford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are the frequently found problems that you come across in leases for Wickford properties?

There is nothing unique about leasehold conveyancing in Wickford. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:

  • Repairing obligations to or maintain elements of the building
  • 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

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Platform Home Loans Ltd all have express 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 problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

I own a 1st floor flat in Wickford, conveyancing having been completed 6 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? Similar flats in Wickford with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2085

With just 61 years unexpired we estimate the premium for your lease extension to span between £21,900 and £25,200 plus professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Wickford