Guaranteed fixed fees for Leasehold Conveyancing in Winchester

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Winchester, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Winchester leasehold conveyancing

I am in need of some leasehold conveyancing in Winchester. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Winchester - 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.

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Winchester. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Winchester ?

Most houses in Winchester are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Winchester so you should seriously consider looking for a Winchester conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.

What are your top tips when it comes to choosing a Winchester conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Winchester conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Winchester conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Winchester with the purpose of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Winchester can be avoided if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
    • Many freeholders or Management Companies in Winchester charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Winchester.
  • A minority of Winchester leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
  • If you hold a share in a the freehold, you should ensure that you hold the original share document. Obtaining a re-issued share certificate can be a lengthy formality and frustrates many a Winchester home move. If a duplicate share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • When it comes to leasehold conveyancing in Winchester what are the most frequent lease problems?

    Leasehold conveyancing in Winchester is not unique. All leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

    I acquired a split level flat in Winchester, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Winchester with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2082

    With only 57 years left to run we estimate the premium for your lease extension to be between £25,700 and £29,600 plus costs.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Winchester