I am in need of some leasehold conveyancing in Cheadle. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Cheadle - then the leasehold title will always include the basic details 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.

I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Cheadle. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Cheadle ?

Most houses in Cheadle are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Cheadle in which case you should be looking for a Cheadle conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Cheadle both have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Cheadle. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

I am a negotiator for a busy estate agent office in Cheadle where we see a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local Cheadle conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 at the same time as completion of the disposal of the property.

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 purchaser.

What are the frequently found defects that you come across in leases for Cheadle properties?

Leasehold conveyancing in Cheadle is not unique. Most leases are unique and drafting errors can result in certain clauses are missing. 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

You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

Cheadle Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

Does the lease have onerous restrictions? For most Cheadle leaseholds the cost for major works are not included within service charges, albeit that a few managing agents in Cheadle obliged leaseholders to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance. This question is important as a) areas could cause problems for the building as the common areas may begin to deteriorate if repairs are not paid for b) if the leasehold owners have a dispute with the managing agents you will need to have full disclosure

Other Topics

Lease Extensions in Cheadle