Frequently asked questions relating to Alderley Edge leasehold conveyancing
I am in need of some leasehold conveyancing in Alderley Edge. Before I get started I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Alderley Edge - 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.
Due to exchange soon on a basement flat in Alderley Edge. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Alderley Edge should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I am tempted by the attractive purchase price for a two apartments in Alderley Edge which have about fifty years remaining on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and it becomes more costly to extend the lease. 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 as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
I work for a reputable estate agency in Alderley Edge where we have witnessed a few leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Alderley Edge conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 has to be done before, or simultaneously with completion of the disposal of the property.
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 buyer.
Can you offer any advice when it comes to finding a Alderley Edge conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Alderley Edge conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Alderley Edge conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
Alderley Edge Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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Plenty Alderley Edge leasehold flats will have a service bill for maintenance of the building set by the landlord. Should you purchase the apartment you will have to meet this liability, normally quarterly during the year. This may vary from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a rentcharge for you to pay yearly, normally this is not a large amount, say around £50-£100 but you should to check it because sometimes it can be many hundreds of pounds.
You will want to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the cleanliness of the common parts. You should not be afraid to ask other tenants what they think of their service. Finally, find out the dates that the service fees are due to the managing agents and precisely how they are spending that money.
Please note that where the lease has no more than eighty years it will have adverse implications on the value of the flat. Check with your mortgage company that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will probably need a lease extension at some point and it is worth finding out how much this will be. For most Alderley Edgelease extensions you will be be obliged to have owned the residence for 24 months in order to be legally able to carry out a lease extension.
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