Expecting to exchange soon on a basement flat in Ashton Under Lyne. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?

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

• The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• Defining your rights in relation to the communal areas in the block.For example, does the lease permit a right of way over a path or hallways?
• Does the lease prohibit wood flooring?
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• What options are open to you if a neighbour breach a clause of their lease?

Estate agents have just been given the go-ahead to market my ground floor apartment in Ashton Under Lyne.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge invoice – what should I do?

The sensible thing to do is pay the invoice 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 property in Ashton Under Lyne. Am I liable to pay service charges for periods before 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. However, 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 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).

Do you have any top tips for leasehold conveyancing in Ashton Under Lyne with the aim of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Ashton Under Lyne can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
• The majority landlords or Management Companies in Ashton Under Lyne charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Ashton Under Lyne.
• A minority of Ashton Under Lyne leases require Licence to Assign from the landlord. If this applies to your lease, 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or resolve 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 will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
• You believe that you know the number of years remaining on your lease but it would be wise to double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you identify 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.

What are the frequently found deficiencies that you encounter in leases for Ashton Under Lyne properties?

Leasehold conveyancing in Ashton Under Lyne is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Barnsley Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.

Leasehold Conveyancing in Ashton Under Lyne - A selection of Queries before buying

It is important to be aware whether a new roof is being put on or some other significant cost is due in the foreseeable future that will be shared by the leaseholders and may well dramatically increase the the service charges or require a one off payment. How many of the leaseholders are in arrears for their maintenance charge payments?