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

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

Recently asked questions relating to Wolverton leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Wolverton. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is registered - and most are in Wolverton - 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.

My husband and I may need to rent out our Wolverton 1st floor flat for a while due to a career opportunity. We used a Wolverton conveyancing practice in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

A small minority of properties in Wolverton do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I am a negotiator for a long established estate agent office in Wolverton where we have experienced a few flat sales derailed due to short leases. I have been given inconsistent advice from local Wolverton conveyancing firms. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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 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.

Do you have any top tips for leasehold conveyancing in Wolverton from the perspective of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Wolverton can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
  • Many landlords or Management Companies in Wolverton levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Wolverton.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Wolverton state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such works. Should you fail to have the consents in place do not communicate with the landlord without checking with your conveyancer before hand.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • In relation to leasehold conveyancing in Wolverton what are the most common lease problems?

    Leasehold conveyancing in Wolverton is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • 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. Barclays , Norwich and Peterborough Building Society, and Barclays Direct all have very detailed requirements 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, obliging the buyer to withdraw.

    I acquired a garden flat in Wolverton, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Wolverton with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2086

    You have 61 years remaining on your lease we estimate the price of your lease extension to be between £18,100 and £20,800 as well as professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Wolverton