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Recently asked questions relating to Wylam leasehold conveyancing

I’m about to sell my basement apartment in Wylam.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?

It best that you clear 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 management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.

I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Wylam. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Wylam ?

The majority of houses in Wylam are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Wylam in which case you should be shopping around for a Wylam conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

I am attracted to a two flats in Wylam which have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Wylam is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 Wylam 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.

Can you provide any advice for leasehold conveyancing in Wylam from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Wylam can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
  • Many freeholders or managing agents in Wylam levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Wylam.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may have to bite the bullet 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Organising a duplicate share certificate is often a lengthy process and slows down many a Wylam home move. If a reissued share is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • What are the frequently found problems that you come across in leases for Wylam properties?

    Leasehold conveyancing in Wylam is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could have 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. Nationwide Building Society, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

    I purchased a ground floor flat in Wylam, conveyancing formalities finalised 2003. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Wylam with an extended lease are worth £229,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2101

    With just 76 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wylam