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Top Five Questions relating to Wolviston leasehold conveyancing

Planning to complete next month on a garden flat in Wolviston. Conveyancing solicitors have said that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Wolviston should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Wolviston please enquire of your conveyancer in advance of your conveyancing in Wolviston

  • My wife and I purchased a leasehold flat in Wolviston. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Wolviston who acted for me is not around.Any advice?

    The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Wolviston conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am a negotiator for a long established estate agency in Wolviston where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Wolviston conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension process 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 proposed purchaser can avoid having 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 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.

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

    • Much of the frustration in leasehold conveyancing in Wolviston can be avoided where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
    • Many landlords or managing agents in Wolviston charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Wolviston.
  • Some Wolviston leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Arranging a new share certificate can be a lengthy formality and slows down many a Wolviston conveyancing transaction. Where a new share is required, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

  • All being well we will complete the disposal of our £150000 apartment in Wolviston on Tuesday in a week. The landlords agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Wolviston?

    Wolviston conveyancing on leasehold apartments nine out of ten times results in fees being invoiced by management companies :

    • Answering conveyancing due diligence enquiries
    • Where consent is required before sale in Wolviston
    • Supplying insurance information
    • 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 Wolviston leasehold premises is £350. For Wolviston 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 supply answers.

    Wolviston Leasehold Conveyancing - Examples of Questions you should consider Prior to buying

      Does the lease contain onerous restrictions? Many Wolviston leasehold flats will be liable to pay a service charge for the upkeep of the building levied by the landlord. If you purchase the flat you will have to meet this charge, normally quarterly accross the year. This can differ from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent to be met yearly, normally this is not a large figure, say around £25-£75 but you should to enquire it because sometimes it could be many hundreds of pounds. This information is helpful as a) areas could cause problems in the block as the communal areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will want to have all the details

    Other Topics

    Lease Extensions in Wolviston