Wisbech leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Wisbech. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Wisbech - 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.
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Wisbech. I am keen to get lease extension but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole an enquiry agent should be helpful to conduct investigations and to produce an expert document to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Wisbech.
I’m about to sell my basement flat in Wisbech.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
What advice can you give us when it comes to choosing a Wisbech conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Wisbech conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Wisbech conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- Can they put you in touch with client in Wisbech who can give a testimonial?
- What are the legal fees for lease extension work?
We expect to complete our sale of a £ 500000 garden flat in Wisbech next Thursday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Wisbech?
For the majority of leasehold sales in Wisbech conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Wisbech
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I purchased a ground floor flat in Wisbech, conveyancing was carried out in 2010. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Wisbech with a long lease are worth £245,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2081
With just 55 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.