I have just appointed agents to market my garden apartment in Cheadle.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – what should I do?

The sensible thing to do is discharge the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a couple of flats in Cheadle which have about fifty years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Cheadle is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat 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 premises 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 Cheadle conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

What advice can you give us when it comes to appointing a Cheadle conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Cheadle conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Cheadle conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• How familiar is the firm with lease extension legislation?
• Can they put you in touch with client in Cheadle who can give a testimonial?

Do you have any advice for leasehold conveyancing in Cheadle with the purpose of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Cheadle can be avoided if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the buyers conveyancers.
• If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Cheadle leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you dont have the approvals to hand do not contact the landlord without contacting your conveyancer in the first instance.
• If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
• If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Organising a re-issued share certificate is often a lengthy formality and slows down many a Cheadle conveyancing transaction. Where a reissued share certificate is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

When it comes to leasehold conveyancing in Cheadle what are the most common lease defects?

Leasehold conveyancing in Cheadle is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

Leasehold Conveyancing in Cheadle - Examples of Queries before buying

How much is the service charge and ground rent on the apartment?