I am on look out for some leasehold conveyancing in Wisbech. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Wisbech - 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 have recently realised that I have 68 years unexpired on my lease in Wisbech. I now want to get lease extension but my freeholder is can not be found. What are my options?

If 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 lengthened by the Court. You will be obliged to demonstrate that you have used your best endeavours to track down the landlord. For most situations a specialist would be useful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Wisbech.

I have just started marketing my 2 bed flat in Wisbech.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?

It best that you discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I work for a busy estate agency in Wisbech where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Wisbech conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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 purchaser.

Are there common defects that you come across in leases for Wisbech properties?

Leasehold conveyancing in Wisbech is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Coventry Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

I purchased a garden flat in Wisbech, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Wisbech with an extended lease are worth £269,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2103

You have 78 years unexpired we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account 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.

Other Topics

Lease Extensions in Wisbech