Estate agents have just been given the go-ahead to market my garden flat in Wymondham.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – what should I do?

The sensible thing to do is pay 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 today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Wymondham. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Wymondham ?

Most houses in Wymondham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Wymondham so you should seriously consider looking for a Wymondham conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.

I am employed by a busy estate agency in Wymondham where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Wymondham conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

Alternatively, it may be possible 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.

Can you provide any top tips for leasehold conveyancing in Wymondham with the purpose of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Wymondham can be avoided where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
• If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Wymondham leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you dont have the consents to hand do not communicate with the landlord without contacting your conveyancer in advance.

What are the common defects that you encounter in leases for Wymondham properties?

There is nothing unique about leasehold conveyancing in Wymondham. All leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Wymondham Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

You should be aware that where the lease has fewer than 80 years it will affect the value of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out how much this would cost. For most Wymondhamlease extensions you would need to own the premises for 24 months before you are legally able to extend the lease. Its a good idea to find out as much as you can concerning the company managing the building as they will either make living at the property much easier or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to practical matters like the cleanliness of the communal areas. Enquire of prospective neighbours what they think of them. On a final note, find out the dates that the service charges are due to the appropriate party and specifically how they are spending the funds. Can you tell me if there are any major works anticipated that could add a premium to the service charges?

Other Topics

Lease Extensions in Wymondham