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

Get a Quote

Leasehold conveyancing in Wombourne is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Wombourne and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Wombourne leasehold conveyancing: Q and A’s

I have just appointed agents to market my basement apartment in Wombourne.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge demand – Do I pay up?

The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

Back In 2006, I bought a leasehold house in Wombourne. Conveyancing and Bank of Ireland mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Wombourne who acted for me is not around.Any advice?

First make enquiries of HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Wombourne conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note 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.

Do you have any advice for leasehold conveyancing in Wombourne from the perspective of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Wombourne can be avoided where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers representatives.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Wombourne state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such works. If you dont have the paperwork to hand do not communicate with the landlord without checking with your lawyer in the first instance.
  • A minority of Wombourne leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unresolved.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • All being well we will complete our sale of a £350000 maisonette in Wombourne on Wednesday in a week. The management company has quoted £420 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Wombourne?

    Wombourne conveyancing on leasehold maisonettes usually requires the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be content to assist. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality one has little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    When it comes to leasehold conveyancing in Wombourne what are the most frequent lease problems?

    Leasehold conveyancing in Wombourne is not unique. Most leases are unique and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Aldermore all have very detailed 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, obliging the purchaser to withdraw.

    I acquired a studio flat in Wombourne, conveyancing formalities finalised 2012. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Wombourne with a long lease are worth £201,000. The ground rent is £60 levied per year. The lease terminates on 21st October 2085

    You have 60 years remaining on your lease we estimate the price of your lease extension to range between £23,800 and £27,400 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Wombourne