Having had my offer accepted I require leasehold conveyancing in Wraysbury. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Wraysbury - 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.

Jane (my partner) and I may need to sub-let our Wraysbury 1st floor flat temporarily due to taking a sabbatical. We instructed a Wraysbury conveyancing practice in 2004 but they have closed and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?

Even though your previous Wraysbury conveyancing lawyer is no longer around you can check your lease to check if it allows you to sublet the premises. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you need to obtain consent via your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet in the absence of prior permission. The consent should not be unreasonably withheld. If your lease prohibits you from letting out the property you should ask your landlord for their consent.

I am attracted to a two flats in Wraysbury both have approximately fifty years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Wraysbury is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers and lenders, leases with under eighty 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 premises 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 Wraysbury 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.

I've recently bought a leasehold house in Wraysbury. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

What makes a Wraysbury lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Wraysbury. All leases are individual and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• 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 could 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. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and TSB all have very detailed conveyancing instructions 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 provide security, obliging the buyer to withdraw.

Wraysbury Leasehold Conveyancing - Examples of Queries before buying

What is the name of the managing agents? It would be prudent to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the tidiness of the common parts. Ask prospective neighbours whether they are happy with their service. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes. The prefered form of lease arrangement is a share of the freehold. In this arrangement the lessees enjoy control and notwithstanding that a managing agent is often retained where the building is bigger than a house conversion, the managing agent is directed by the tenants.

Other Topics

Lease Extensions in Wraysbury