Leasehold Conveyancing in Winton - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Winton leasehold conveyancing

I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Winton. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

Most houses in Winton are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Winton so you should seriously consider looking for a Winton conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.

I own a leasehold flat in Winton. Conveyancing and Bank of Ireland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Winton who previously acted has long since retired.What should I do?

The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Winton conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two maisonettes in Winton which have approximately forty five years left on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to choosing a Winton conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Winton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Winton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Winton who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Winton with the purpose of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Winton can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
    • A minority of Winton leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than ongoing.
  • If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Organising a new share certificate is often a lengthy process and slows down many a Winton conveyancing transaction. If a reissued share certificate is required, you should approach the company director and secretary or managing agents (where 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 double-check via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Winton Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing

      Can you tell me if there are any major works on the horizon that will add a premium to the service costs? How is the lease structured? Who are the managing agents?

    Other Topics

    Lease Extensions in Winton