Experts for Leasehold Conveyancing in Ashton Under Lyne

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Top Five Questions relating to Ashton Under Lyne leasehold conveyancing

I only have 62 years unexpired on my flat in Ashton Under Lyne. I need to extend my lease but my freeholder is missing. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. For most situations a specialist should be useful to carry out a search and prepare a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Ashton Under Lyne.

Due to exchange soon on a ground floor flat in Ashton Under Lyne. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Ashton Under Lyne should include some of the following:

  • Does the lease prohibit wood flooring?
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from subletting the flat, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Ashton Under Lyne please ask your lawyer in ahead of your conveyancing in Ashton Under Lyne

    • I am attracted to a two flats in Ashton Under Lyne both have in the region of 50 years remaining on the leases. Will this present a problem?

    A lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area

    I am a negotiator for a long established estate agent office in Ashton Under Lyne where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Ashton Under Lyne conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?

    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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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 buyer.

    Do you have any top tips for leasehold conveyancing in Ashton Under Lyne from the point of view of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Ashton Under Lyne can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers solicitors.
    • Many freeholders or Management Companies in Ashton Under Lyne levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Ashton Under Lyne.
  • A minority of Ashton Under Lyne leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 solicitors.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Obtaining a new share certificate can be a time consuming process and delays many a Ashton Under Lyne home move. Where a reissued share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I inherited a 2 bed flat in Ashton Under Lyne, conveyancing formalities finalised in 2009. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Ashton Under Lyne with a long lease are worth £185,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2078

    With just 55 years unexpired the likely cost is going to span between £30,400 and £35,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information 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 should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

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    Lease Extensions in Ashton Under Lyne