Top Five Questions relating to Altrincham leasehold conveyancing
I only have Seventy years left on my lease in Altrincham. I am keen to extend my lease but my freeholder is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the lessor. For most situations a specialist would be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court overseeing Altrincham.
Due to sign contracts shortly on a studio apartment in Altrincham. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Altrincham should include some of the following:
- The total extent of the demise. This will be the property itself but might incorporate a roof space or basement if appropriate.
Last month I purchased a leasehold flat in Altrincham. Do I have any liability for service charges for periods before my ownership?
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 be sure 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 am employed by a busy estate agency in Altrincham where we see a few flat sales put at risk due to short leases. I have received inconsistent advice from local Altrincham conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. 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.
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.
We expect to complete the disposal of our £375000 flat in Altrincham on Wednesday in a week. The freeholder has quoted £312 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Altrincham?
Altrincham conveyancing on leasehold flats more often than not necessitates the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to assist. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.
Altrincham Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
How many of the leaseholders are in arrears for their service charge payments?
If a Altrincham lease has no more than eighty years it will impact the value of the apartment. Check with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth discovering how much this would cost. Remember, in most cases you will be required to have been the owner of the residence for 24 months in order to be eligible to extend the lease.
How much is the ground rent and service charge?