Guaranteed fixed fees for Leasehold Conveyancing in Bury

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Frequently asked questions relating to Bury leasehold conveyancing

I wish to let out my leasehold apartment in Bury. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

The lease governs relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Bury do not contain subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.

I am hoping to exchange soon on a basement flat in Bury. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

  • The physical extent of the premises. This will be the property itself but may include a loft or basement if appropriate.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames
  • What you can do if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Bury please ask your conveyancer in ahead of your conveyancing in Bury

  • I am attracted to a couple of apartments in Bury which have approximately forty five years left on the lease term. should I be concerned?

    There are no two ways about it. A leasehold apartment in Bury is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. 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 premises 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 property 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 Bury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

    I am employed by a reputable estate agent office in Bury where we see a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Bury conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension process for the buyer?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. 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.

    Alternatively, it may be possible to agree the lease extension with the freeholder 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.

    If all goes to plan we aim to complete the disposal of our £150000 maisonette in Bury in seven days. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Bury?

    Bury conveyancing on leasehold maisonettes usually involves administration charges invoiced by managing agents :

    • Completing conveyancing due diligence enquiries
    • Where consent is required before sale in Bury
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Bury leasehold property is £350. For Bury conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

    Bury Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

      Its a good idea to discover as much as possible regarding the managing agents as they can either make living at the property much easier or problematic. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the common parts. Ask other people what they think of them. On a final note, find out the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending that money. The best form of lease structure is a share of the freehold. In this arrangement the lessees have control and although a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders. Are there any major works on the horizon that will add a premium to the service fees?

    Other Topics

    Lease Extensions in Bury