Expecting to complete next month on a basement flat in Alderley Edge. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?

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

• You should be sent a copy of the lease

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

The physical extent of the premises. This will be the property itself but may incorporate a loft or cellar if appropriate.

Defining your rights in relation to common areas in the building.By way of example, does the lease permit a right of way over a path or staircase?

Does the lease require carpeting throughout thus preventing wood flooring?

Ground rent - how much and when you need to pay, and also know whether this will change in the future

What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Alderley Edge please enquire of your lawyer in advance of your conveyancing in Alderley Edge

I’m about to sell my basement flat in Alderley Edge.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – Do I pay up?

It best that you 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 managing agents 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 am attracted to a couple of apartments in Alderley Edge both have in the region of 50 years remaining on the leases. Will this present a problem?

There are plenty of short leases in Alderley Edge. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £400000 flat in Alderley Edge in six days. The freeholder has quoted £336 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Alderley Edge?

Alderley Edge conveyancing on leasehold flats nine out of ten times involves administration charges levied by management companies :

• Answering conveyancing due diligence enquiries
• Where consent is required before sale in Alderley Edge
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Alderley Edge leasehold property is £350. For Alderley Edge conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

In relation to leasehold conveyancing in Alderley Edge what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Alderley Edge. Most leases are individual and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• 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

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Chelsea Building Society, and Alliance & Leicester all have very detailed requirements 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 provide security, obliging the purchaser to withdraw.

I inherited a split level flat in Alderley Edge, conveyancing having been completed 2010. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Alderley Edge with a long lease are worth £185,000. The ground rent is £55 per annum. The lease expires on 21st October 2081

With just 59 years unexpired the likely cost is going to range between £21,900 and £25,200 as well as plus your own and the landlord's "reasonable" 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 investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Alderley Edge