Frequently asked questions relating to Wilmslow leasehold conveyancing
I am on look out for some leasehold conveyancing in Wilmslow. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Wilmslow - then the leasehold title will always include the short particulars 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.
Looking forward to exchange soon on a basement flat in Wilmslow. Conveyancing solicitors inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Wilmslow 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 today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Wilmslow. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Wilmslow ?
Most houses in Wilmslow are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Wilmslow in which case you should be shopping around for a Wilmslow conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
My wife and I purchased a leasehold house in Wilmslow. Conveyancing and TSB mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Wilmslow who previously acted has now retired.What should I do?
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 registered owner of the freehold reversion. There is no need to instruct a Wilmslow conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a busy estate agency in Wilmslow where we have witnessed a number of flat sales jeopardised due to short leases. I have received conflicting advice from local Wilmslow conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 simultaneously with completion of the sale.
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 inherited a 1st floor flat in Wilmslow, conveyancing formalities finalised 1996. How much will my lease extension cost? Equivalent properties in Wilmslow with over 90 years remaining are worth £191,000. The ground rent is £60 charged once a year. The lease terminates on 21st October 2098
With only 72 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive 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 considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
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