Common questions relating to Chadderton leasehold conveyancing
I am in need of some leasehold conveyancing in Chadderton. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and 99.9% are in Chadderton - 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.
Looking forward to complete next month on a ground floor flat in Chadderton. Conveyancing lawyers inform me that they are sending me a report 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 Chadderton should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Will you be prohibited or prevented from having pets in the property?
- Whether the lease restricts you from subletting the property, or working from home
- 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
- What options are open to you if a neighbour breach a clause of their lease?
- What the implications are if you breach a clause of your lease?
I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Chadderton. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Chadderton ?
The majority of houses in Chadderton are freehold rather than 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 Chadderton in which case you should be looking for a Chadderton conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.
I own a leasehold house in Chadderton. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Chadderton who previously acted has long since retired.Any advice?
First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Chadderton conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a long established estate agent office in Chadderton where we see a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Chadderton conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, 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.
I acquired a leasehold flat in Chadderton, conveyancing was carried out 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Chadderton with a long lease are worth £258,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2104
With 78 years left to run we estimate the premium for your lease extension to be between £12,400 and £14,200 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.