Fixed-fee leasehold conveyancing in Ashton In Makerfield:

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Leasehold conveyancing in Ashton In Makerfield is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Ashton In Makerfield and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Examples of recent questions relating to leasehold conveyancing in Ashton In Makerfield

Having had my offer accepted I require leasehold conveyancing in Ashton In Makerfield. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Ashton In Makerfield - 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.

Estate agents have just been given the go-ahead to market my basement apartment in Ashton In Makerfield.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is pay the service charge 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 managing agents will not acknowledge the buyer unless 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 recently bought a leasehold flat in Ashton In Makerfield. Am I liable to pay service charges relating to a period prior to my ownership?

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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 reputable estate agency in Ashton In Makerfield where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Ashton In Makerfield conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as 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. This means that the proposed purchaser can avoid having 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.

Can you provide any top tips for leasehold conveyancing in Ashton In Makerfield from the point of view of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Ashton In Makerfield can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Ashton In Makerfield state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such alterations. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your lawyer in the first instance.
  • A minority of Ashton In Makerfield leases require Licence to Assign from the landlord. 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 had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Obtaining a replacement share certificate is often a lengthy process and slows down many a Ashton In Makerfield home move. Where a duplicate share is necessary, do contact the company officers or managing agents (where applicable) for this as soon as possible.

    • I acquired a garden flat in Ashton In Makerfield, conveyancing formalities finalised 2001. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Ashton In Makerfield with over 90 years remaining are worth £237,000. The average or mid-range amount of ground rent is £60 yearly. The lease finishes on 21st October 2097

    With just 72 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Ashton In Makerfield