Experts for Leasehold Conveyancing in Ashton In Makerfield

Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Ashton In Makerfield, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Ashton In Makerfield leasehold conveyancing

I am in need of some leasehold conveyancing in Ashton In Makerfield. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Ashton In Makerfield - then the leasehold title will always include the basic details 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.

My wife and I purchased a leasehold house in Ashton In Makerfield. Conveyancing and Virgin Money mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Ashton In Makerfield who acted for me is not around.Do I pay?

First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Ashton In Makerfield conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Last month I purchased a leasehold house in Ashton In Makerfield. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part 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 work for a busy estate agent office in Ashton In Makerfield where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Ashton In Makerfield conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 prior to, or at the same time as completion of the sale.

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 purchaser.

Can you provide any top tips for leasehold conveyancing in Ashton In Makerfield with the aim of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Ashton In Makerfield can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
  • A minority of Ashton In Makerfield leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Organising a re-issued share certificate is often a lengthy process and delays many a Ashton In Makerfield home move. Where a reissued share is required, do contact the company officers or managing agents (if relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • I own a garden flat in Ashton In Makerfield, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Ashton In Makerfield with a long lease are worth £210,000. The ground rent is £60 charged once a year. The lease ends on 21st October 2094

    With 73 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 as well as legals.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Ashton In Makerfield