Questions and Answers: Alderley Edge leasehold conveyancing
I am in need of some leasehold conveyancing in Alderley Edge. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% 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 complete next month on a garden flat in Alderley Edge. Conveyancing solicitors assured me that they are sending me a report 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 unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Alderley Edge. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Alderley Edge ?
Most houses in Alderley Edge are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Alderley Edge in which case you should be shopping around for a Alderley Edge conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
If all goes to plan we aim to complete our sale of a £325000 flat in Alderley Edge next Friday . The managing agents has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Alderley Edge?
For the majority of leasehold sales in Alderley Edge conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Alderley Edge
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Alderley Edge lease problematic?
There is nothing unique about leasehold conveyancing in Alderley Edge. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- A duty to insure the building
- 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 could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Coventry Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I acquired a ground floor flat in Alderley Edge, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Alderley Edge with an extended lease are worth £240,000. The ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2075
With 51 years unexpired the likely cost is going to range between £36,100 and £41,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
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