Wythenshawe leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Wythenshawe. 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 Wythenshawe - 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.
Harry (my fiance) and I may need to sub-let our Wythenshawe basement flat for a while due to taking a sabbatical. We instructed a Wythenshawe conveyancing firm in 2003 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Even though your last Wythenshawe conveyancing solicitor is no longer around you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you are obliged to seek permission via your landlord or some other party before subletting. This means that you cannot sublet without prior permission. Such consent is not allowed to be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
I am a negotiator for a busy estate agent office in Wythenshawe where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Wythenshawe conveyancing solicitors. Could you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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. The benefit of this is that the proposed purchaser can avoid having 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 simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 are your top tips when it comes to finding a Wythenshawe conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Wythenshawe conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Wythenshawe conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
- What are the charges for lease extension conveyancing?
Can you provide any advice for leasehold conveyancing in Wythenshawe with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Wythenshawe can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
- Many freeholders or managing agents in Wythenshawe levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought 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 common cause of frustration in leasehold conveyancing in Wythenshawe.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Wythenshawe state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you dont have the consents in place you should not contact the landlord without checking with your solicitor in the first instance.
- If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may need to swallow your pride and pay 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
- If you are supposed to have a share in the freehold, you should make sure that you hold the original share certificate. Obtaining a replacement share certificate is often a time consuming process and delays many a Wythenshawe conveyancing transaction. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
I invested in buying a 1st floor flat in Wythenshawe, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Wythenshawe with a long lease are worth £194,000. The ground rent is £60 charged once a year. The lease finishes on 21st October 2104
With only 78 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously 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.