Due to complete next month on a garden flat in Alderley Edge and Wilmslow. Conveyancing solicitors assured 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 and Wilmslow should include some of the following:

• You should receive a copy of the lease

My wife and I purchased a leasehold house in Alderley Edge and Wilmslow. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Alderley Edge and Wilmslow who acted for me is not around.What should I do?

The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Alderley Edge and Wilmslow conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two maisonettes in Alderley Edge and Wilmslow both have about 50 years left on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Alderley Edge and Wilmslow is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Alderley Edge and Wilmslow conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am employed by a reputable estate agency in Alderley Edge and Wilmslow where we have witnessed a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Alderley Edge and Wilmslow conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension formalities 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 buyer can avoid having to wait 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.

An alternative approach is 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 and Wilmslow conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Alderley Edge and Wilmslow conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Alderley Edge and Wilmslow 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:

• How experienced is the firm with lease extension legislation?

Alderley Edge and Wilmslow Leasehold Conveyancing - Sample of Questions you should consider before Purchasing

You will want to find out as much as possible concerning the company managing the block as they will either make living at the property much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the common parts. Enquire of other people what they think of their management. On a final note, find out the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. How many of the leaseholders are in arrears for their service charge payments? Where a Alderley Edge and Wilmslow lease has fewer than 80 years it will impact the marketability of the apartment. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and it is worth finding out what this would cost. Remember, in most cases you will be required to have owned the property for two years in order to be legally able to extend the lease.

Other Topics

Lease Extensions in Alderley Edge and Wilmslow