Having had my offer accepted I require leasehold conveyancing in Baguley. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Baguley - 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.

Expecting to exchange soon on a basement flat in Baguley. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

• You should receive a copy of the lease

I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Baguley. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

The majority of houses in Baguley are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Baguley so you should seriously consider looking for a Baguley conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I own a leasehold flat in Baguley. Conveyancing and Nottingham Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Baguley who previously acted has now retired.What should I do?

First contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Baguley conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured 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.

I am looking at a two flats in Baguley both have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Baguley 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 marketability of the property. 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 property 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 premises 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 Baguley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

Baguley Leasehold Conveyancing - A selection of Questions you should ask before buying

Its a good idea to discover as much as possible about the company managing the block as they can either make life much easier or much more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the communal areas. Ask prospective neighbours what they think of their management. In conclusion, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending the funds. How long is the Lease? How much is the ground rent and service charge?

Other Topics

Lease Extensions in Baguley