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.

If the lease is registered - and 99.9% are in Wolverton - 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 am looking at a two apartments in Wolverton which have about fifty years left on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Wolverton is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 Wolverton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

Can you provide any top tips for leasehold conveyancing in Wolverton from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Wolverton can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
• The majority landlords or managing agents in Wolverton levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Wolverton.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Wolverton state that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such alterations. Should you fail to have the paperwork in place you should not communicate with the landlord without contacting your lawyer first.
• If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Organising a new share certificate can be a time consuming process and delays many a Wolverton conveyancing transaction. If a reissued share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

If all goes to plan we aim to complete the sale of our £ 475000 garden flat in Wolverton next Tuesday . The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Wolverton?

Wolverton conveyancing on leasehold apartments often necessitates the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality one has no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

What are the common defects that you encounter in leases for Wolverton properties?

Leasehold conveyancing in Wolverton is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• 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. HSBC Bank, Chelsea Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

Wolverton Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing

The prefered form of lease structure is a share of the freehold. In this scenario the lessees enjoy being in charge if their destiny and even though a managing agent is often retained where it is bigger than a house conversion, the managing agent retained by the leaseholders. Can you inform me if there are any major works anticipated that could increase the maintenance costs?