Having had my offer accepted I require leasehold conveyancing in Wiveliscombe. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Wiveliscombe - 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.

I own a leasehold house in Wiveliscombe. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Wiveliscombe who acted for me is not around.What should I do?

The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. You do not need to instruct a Wiveliscombe 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 freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two flats in Wiveliscombe both have approximately forty five years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Wiveliscombe is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive 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 a residence 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 Wiveliscombe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.

I am a negotiator for a busy estate agent office in Wiveliscombe where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Wiveliscombe conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

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.

If all goes to plan we aim to complete our sale of a £500000 flat in Wiveliscombe next week. The management company has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Wiveliscombe?

Wiveliscombe conveyancing on leasehold apartments typically results in fees being levied by managing agents :

• Addressing pre-contract enquiries
• Where consent is required before sale in Wiveliscombe
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Wiveliscombe leasehold property is £350. For Wiveliscombe conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

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

The majority of Wiveliscombe leasehold apartments will have a service bill for maintenance of the block levied on behalf of the management company. Should you purchase the property you will have to pay this contribution, usually periodically accross the year. This can differ from several hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all probability there will be a rentcharge for you to pay yearly, normally this is not a significant figure, say approximately £50-£100 but you need to check as occasionally it could be surprisingly expensive. For many Wiveliscombe leaseholds the cost for major works tend not to be included within maintenance charges, although there some managing agents in Wiveliscombe ask leasehold owners to pay into a reserve fund created for the specific purpose of building a fund for larger repairs or maintenance. This information is helpful as a) areas can cause problems for the building as the communal areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the managing agents you will want to have complete disclosure

Other Topics

Lease Extensions in Wiveliscombe