Sample questions relating to Bollington leasehold conveyancing
I am in need of some leasehold conveyancing in Bollington. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Bollington - 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.
Planning to exchange soon on a garden flat in Bollington. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bollington should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I have just started marketing my 2 bed apartment in Bollington.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
It best that you clear 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 management companies 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 am a negotiator for a busy estate agency in Bollington where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Bollington conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 before, 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.
What are your top tips when it comes to appointing a Bollington conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Bollington conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Bollington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How experienced is the practice with lease extension legislation?
Leasehold Conveyancing in Bollington - Sample of Questions you should ask before buying
You should be aware that where the lease has less than 80 years it will affect the value of the flat. Check with your lender that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would be required to have owned the property for a couple of years before you are legally able to carry out a lease extension.
Does the lease have in excess of 80 years left?
It is important to be aware if a new roof is being put on or some other significant cost is coming up to be shared by the tenants and may well materially impact the level of the maintenance costs or result in a one time invoice.