Fixed-fee leasehold conveyancing in Alsager:

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I have just started marketing my 2 bed flat in Alsager.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – what should I do?

The sensible thing to do is discharge the invoice 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 management companies 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've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Alsager. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Alsager 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 buying in Alsager in which case you should be shopping around for a Alsager conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.

I am tempted by the attractive purchase price for a two flats in Alsager both have approximately fifty years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Alsager is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Alsager conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Do you have any advice for leasehold conveyancing in Alsager from the point of view of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Alsager can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
  • Many freeholders or managing agents in Alsager charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Alsager.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Alsager leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer first.
  • A minority of Alsager leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a replacement share certificate is often a time consuming process and frustrates many a Alsager conveyancing transaction. If a duplicate share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • What are the frequently found deficiencies that you witness in leases for Alsager properties?

    Leasehold conveyancing in Alsager is not unique. All leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, and Alliance & Leicester all have express requirements 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 purchaser to withdraw.

    I own a leasehold flat in Alsager, conveyancing formalities finalised 2003. Can you work out an approximate cost of a lease extension? Equivalent properties in Alsager with a long lease are worth £174,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease finishes on 21st October 2095

    With only 70 years unexpired the likely cost is going to be between £10,500 and £12,000 plus costs.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Alsager