Recently asked questions relating to Alderley Edge leasehold conveyancing
Having checked my lease I have discovered that there are only 62 years unexpired on my flat in Alderley Edge. I now want to extend my lease but my freeholder is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the freeholder. In some cases a specialist should be helpful to conduct investigations and to produce a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Alderley Edge.
Due to exchange soon on a garden flat in Alderley Edge. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Alderley Edge should include some of the following:
- The total extent of the premises. This will be the apartment itself but might include a roof space or cellar if applicable.
I've recently bought a leasehold property in Alderley Edge. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a busy estate agency in Alderley Edge where we have experienced a few flat sales derailed due to short leases. I have received contradictory information from local Alderley Edge conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as 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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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 buyer.
What advice can you give us when it comes to appointing a Alderley Edge conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Alderley Edge conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Alderley Edge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Alderley Edge Leasehold Conveyancing - A selection of Queries Prior to buying
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Please tell me if there are any major works in the planning that could add a premium to the maintenance costs?
Most Alderley Edge leasehold properties will have a service bill for the upkeep of the building levied by the landlord. If you buy the flat you will have to meet this charge, usually in instalments throughout the year. This can be anything from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent to be met yearly, this is usually not a large sum, say about £50-£100 but you should to check it because on occasion it can be surprisingly expensive.
Where a Alderley Edge lease has less than 80 years it will affect the value of the property. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have been the owner of the residence for a couple of years in order to be entitled to extend the lease.
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