Wigan leasehold conveyancing Example Support Desk Enquiries
My husband and I may need to rent out our Wigan basement flat for a while due to a new job. We instructed a Wigan conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Wigan do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I am hoping to complete next month on a garden flat in Wigan. Conveyancing lawyers have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Wigan should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I have just appointed agents to market my basement flat in Wigan.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of flats in Wigan which have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Wigan. The lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
What are the frequently found defects that you see in leases for Wigan properties?
Leasehold conveyancing in Wigan is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- 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 could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Bank of Scotland, and TSB all have express requirements 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 pull out.
I purchased a 1 bedroom flat in Wigan, conveyancing was carried out in 1999. 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 Wigan with over 90 years remaining are worth £236,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2076
With just 55 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.