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

Winslow leasehold conveyancing: Q and A’s

There are only 72 years left on my flat in Winslow. I need to extend my lease but my landlord is absent. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the freeholder. In some cases an enquiry agent should be useful to try and locate and prepare a report which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing Winslow.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Winslow. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Winslow ?

The majority of houses in Winslow are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Winslow so you should seriously consider shopping around for a Winslow conveyancing practitioner and check that they are used to 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 entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.

I am attracted to a two flats in Winslow both have about 50 years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Winslow is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with less than 75 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 property 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 premises 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 Winslow conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Do you have any advice for leasehold conveyancing in Winslow with the intention of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Winslow can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Winslow leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you dont have the approvals in place do not communicate with the landlord without contacting your conveyancer before hand.
  • A minority of Winslow leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 buyers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Organising a re-issued share certificate is often a time consuming formality and frustrates many a Winslow conveyancing transaction. Where a reissued share is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • When it comes to leasehold conveyancing in Winslow what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Winslow. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • A duty to insure the building
    • 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 primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Barnsley Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Winslow Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying

      Its a good idea to discover as much as possible concerning the company managing the block as they will either make life much easier or problematic. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to every day issues such as the tidiness of the communal areas. Ask other tenants if they are happy with them. On a final note, investigate as to the dates that the service fees are due to the relevant party and specifically what it includes. This question is useful as a) areas could cause problems in the block as the communal areas may begin to deteriorate if services are not paid for b) if the leaseholders have an issue with the managing agents you will need to have all the details Does the lease have onerous restrictions?

    Other Topics

    Lease Extensions in Winslow