Questions and Answers: Wilmslow leasehold conveyancing
I am in need of some leasehold conveyancing in Wilmslow. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Wilmslow - 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.
I am tempted by the attractive purchase price for a two flats in Wilmslow both 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 Wilmslow. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold house in Wilmslow. Am I liable to pay 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. 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).
What are your top tips when it comes to choosing a Wilmslow conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Wilmslow conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Wilmslow conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How many lease extensions have they conducted in Wilmslow in the last year?
Can you provide any top tips for leasehold conveyancing in Wilmslow from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Wilmslow can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Wilmslow state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such changes. If you dont have the consents to hand do not communicate with the landlord without checking with your solicitor in the first instance.
I am the registered owner of a studio flat in Wilmslow, conveyancing formalities finalised in 1998. Can you work out an approximate cost of a lease extension? Equivalent properties in Wilmslow with over 90 years remaining are worth £259,000. The ground rent is £60 per annum. The lease expires on 21st October 2077
With 57 years remaining on your lease we estimate the price of your lease extension to be between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.