Experts for Leasehold Conveyancing in Wylam

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Frequently asked questions relating to Wylam leasehold conveyancing

I am in need of some leasehold conveyancing in Wylam. Before diving in I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Wylam - then the leasehold title will always include the basic details 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.

I've recently bought a leasehold house in Wylam. Do I have any liability for service charges for periods before my ownership?

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. A critical element of leasehold conveyancing for your conveyancer to be sure 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 advice can you give us when it comes to appointing a Wylam conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Wylam conveyancing firm) 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 prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

  • How familiar is the firm with lease extension legislation?
  • If they are not ALEP accredited then what is the reason?

    • Do you have any top tips for leasehold conveyancing in Wylam with the purpose of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Wylam can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
    • Many freeholders or managing agents in Wylam levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Wylam.
  • Some Wylam leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle 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 will still have to reveal details of the dispute to the buyers, 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 left on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential 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.

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

    Leasehold conveyancing in Wylam is not unique. All leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • 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

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Platform Home Loans Ltd 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 purchaser to withdraw.

    I am the registered owner of a 1 bedroom flat in Wylam, conveyancing was carried out 2002. How much will my lease extension cost? Equivalent flats in Wylam with an extended lease are worth £200,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2099

    With just 73 years unexpired we estimate the price of your lease extension to range between £10,500 and £12,000 plus legals.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns 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 before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Wylam