Expecting to complete next month on a leasehold property in Wymondham. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I am tempted by the attractive purchase price for a two maisonettes in Wymondham both have in the region of 50 years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Wymondham. The lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

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

If you are instructing a property lawyer for lease extension works (regardless if they are a Wymondham conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Wymondham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• If they are not ALEP accredited then why not?

We expect to complete the sale of our £125000 flat in Wymondham in just under a week. The management company has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Wymondham?

Wymondham conveyancing on leasehold maisonettes usually necessitates the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be content to assist. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is above £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to complete the sale of your home.

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

There is nothing unique about leasehold conveyancing in Wymondham. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts 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

You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and Aldermore 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 defective they may refuse to grant the mortgage, obliging the buyer to pull out.

I bought a 1st floor flat in Wymondham, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Wymondham with a long lease are worth £258,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2095

You have 70 years unexpired we estimate the price of your lease extension to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Wymondham