Fixed-fee leasehold conveyancing in Altrincham:

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Altrincham leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Altrincham. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Altrincham - 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 am hoping to exchange soon on a basement flat in Altrincham. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Altrincham should include some of the following:

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your rights in relation to common areas in the building.E.G., does the lease provide for a right of way over an accessway or hallways?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are you allowed to have a pet in the flat?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Altrincham please ask your lawyer in advance of your conveyancing in Altrincham

    • I am tempted by the attractive purchase price for a two flats in Altrincham which have approximately forty five years left on the lease term. should I be concerned?

    There are no two ways about it. A leasehold apartment in Altrincham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. 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 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 Altrincham 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

    Can you offer any advice when it comes to choosing a Altrincham conveyancing firm to carry out our lease extension conveyancing?

    When appointing a conveyancer for lease extension works (regardless if they are a Altrincham conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Altrincham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

    • If the firm is not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Altrincham who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Altrincham from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Altrincham can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • The majority freeholders or Management Companies in Altrincham charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. 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 Altrincham.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Altrincham state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you dont have the consents in place you should not communicate with the landlord without contacting your conveyancer first.
  • A minority of Altrincham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 buyers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Organising a new share certificate can be a lengthy process and frustrates many a Altrincham conveyancing deal. If a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • I bought a 2 bed flat in Altrincham, conveyancing was carried out 2004. Can you work out an approximate cost of a lease extension? Similar flats in Altrincham with a long lease are worth £229,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2088

    You have 64 years remaining on your lease the likely cost is going to be between £15,200 and £17,600 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Altrincham