Leasehold Conveyancing in Alsager - Get a Quote from the leasehold experts approved by your lender

Any conveyancing practice can theoretically handle your leasehold conveyancing in Alsager, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Alsager leasehold conveyancing

I am in need of some leasehold conveyancing in Alsager. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Alsager - 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.

I only have 68 years left on my flat in Alsager. I now want to extend my lease but my freeholder is can not be found. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to find the landlord. On the whole a specialist may be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Alsager.

I am looking at a two flats in Alsager both have approximately fifty years remaining on the leases. Will this present a problem?

There are plenty of short leases in Alsager. The lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

I work for a reputable estate agent office in Alsager where we have witnessed a few leasehold sales derailed due to short leases. I have received contradictory information from local Alsager conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 purchaser.

What are the common defects that you witness in leases for Alsager properties?

Leasehold conveyancing in Alsager is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

  • Repairing obligations to or maintain elements of the property
  • Insurance obligations
  • A provision for the recovery of money spent for the benefit of another party.
  • Maintenance charge proportions which don’t add up to the correct percentage

You will 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. Yorkshire Building Society, Barnsley Building Society, and Aldermore 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 grant the mortgage, forcing the purchaser to withdraw.

Alsager Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing

    If a Alsager lease has less than 80 years it will affect the marketability of the apartment. Check with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will be be obliged to have been the owner of the property for a couple of years before you are legally able to carry out a lease extension. The prefered form of lease arrangement is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently retained if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Can you inform me if there are any major works in the near future that could add a premium to the maintenance fees?

Other Topics

Lease Extensions in Alsager