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Leasehold conveyancing in Bury 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 Bury and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Recently asked questions relating to Bury leasehold conveyancing

I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Bury. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bury ?

Most houses in Bury are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bury in which case you should be looking for a Bury conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.

I am looking at a two maisonettes in Bury both have about forty five years left on the leases. Will this present a problem?

There are plenty of short leases in Bury. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Can you offer any advice when it comes to appointing a Bury conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Bury conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Bury conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • If they are not ALEP accredited then why not?
  • How many lease extensions has the firm conducted in Bury in the last twenty four months?

    • Do you have any advice for leasehold conveyancing in Bury from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Bury can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers solicitors.
    • The majority freeholders or Management Companies in Bury levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Bury.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Bury state that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such changes. If you dont have the paperwork to hand do not contact the landlord without checking with your solicitor in advance.
  • A minority of Bury leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Obtaining a new share certificate can be a lengthy formality and delays many a Bury conveyancing transaction. Where a reissued share certificate is required, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £225000 garden flat in Bury in 5 days. The management company has quoted £336 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Bury?

    Bury conveyancing on leasehold flats normally requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be willing to assist. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to sell the property.

    I bought a studio flat in Bury, conveyancing formalities finalised 2004. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Bury with a long lease are worth £245,000. The ground rent is £60 invoiced annually. The lease terminates on 21st October 2082

    With 58 years left to run the likely cost is going to be between £25,700 and £29,600 as well as legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt 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 take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Bury