Quality lawyers for Leasehold Conveyancing in Wylam

Get a Quote

Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Wylam, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Wylam leasehold conveyancing Example Support Desk Enquiries

I am on look out for some leasehold conveyancing in Wylam. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Wylam - 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.

Planning to exchange soon on a ground floor flat in Wylam. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?

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

  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Defining your rights in relation to the communal areas in the building.By way of example, does the lease contain a right of way over a path or staircase?
  • Will you be prohibited or prevented from having pets in the property?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What you can do if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Wylam please enquire of your lawyer in ahead of your conveyancing in Wylam

    • I work for a long established estate agency in Wylam where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Wylam conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

    As long as the seller has been the owner 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with 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 purchaser.

    What advice can you give us when it comes to appointing a Wylam conveyancing practice to carry out our lease extension conveyancing?

    When appointing a property lawyer for your lease extension (regardless if they are a Wylam conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Wylam conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

    • How experienced is the firm with lease extension legislation?
  • If they are not ALEP accredited then why not?

    • We expect to complete the sale of our £375000 maisonette in Wylam next Tuesday . The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Wylam?

    Wylam conveyancing on leasehold maisonettes usually necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They are at liberty invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.

    I bought a 2 bed flat in Wylam, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Wylam with over 90 years remaining are worth £258,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2092

    With 67 years left to run the likely cost is going to range between £14,300 and £16,400 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Wylam