Due to sign contracts shortly on a garden flat in Bury. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Setting out your rights in respect of common areas in the building.For example, does the lease permit a right of way over an accessway or hallways?

I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bury. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Bury ?

Most houses in Bury are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Bury in which case you should be shopping around for a Bury conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.

I am looking at a couple of maisonettes in Bury both have about forty five years unexpired 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 premises for a period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

I've recently bought a leasehold house in Bury. Do I have any liability for service charges relating to a period prior to 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 be sure 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).

I am a negotiator for a busy estate agency in Bury where we see a few leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Bury conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 buyer.

Bury Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing

Its a good idea to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the upkeep of the common parts. Ask other tenants if they are happy with them. On a final note, find out the dates that you are obliged pay the service charge to the appropriate party and specifically how they are spending that money. How long is the Lease? It would be wise to find out if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in certain buildings in Bury. If you love the flatin Bury however your cat is not allowed to live with you then you will be faced difficult determination.

Other Topics

Lease Extensions in Bury