I am attracted to a couple of maisonettes in Wolviston both have in the region of 50 years left on the leases. Will this present a problem?

A lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area

I've recently bought a leasehold property in Wolviston. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am a negotiator for a long established estate agency in Wolviston where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Wolviston conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease 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. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.

What advice can you give us when it comes to choosing a Wolviston conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Wolviston conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Wolviston conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How many lease extensions has the firm completed in Wolviston in the last year?

We expect to complete our sale of a £300000 apartment in Wolviston next week. The management company has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Wolviston?

Wolviston conveyancing on leasehold maisonettes usually necessitates the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.

Leasehold Conveyancing in Wolviston - Sample of Queries before Purchasing

What is the length of the lease? What restrictions exist in the Wolviston Lease? Are any of leasehold owners in arrears of their service charge payments?

Other Topics

Lease Extensions in Wolviston