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Questions and Answers: Cheadle leasehold conveyancing

I have recently realised that I have Fifty years left on my lease in Cheadle. I now want to extend my lease but my freeholder is absent. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. On the whole a specialist may be useful to conduct investigations and prepare an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Cheadle.

I am hoping to sign contracts shortly on a garden flat in Cheadle. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

  • You should be sent a copy of the lease
  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • The physical extent of the demise. This will be the flat itself but could also include a roof space or cellar if applicable.
  • Whether the lease restricts you from renting out the property, or having a home office for business
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Cheadle please enquire of your solicitor in advance of your conveyancing in Cheadle

    • I am attracted to a couple of maisonettes in Cheadle which have about forty five years left on the lease term. Will this present a problem?

    There are plenty of short leases in Cheadle. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises 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 assistance from a solicitor and surveyor with experience in this area

    Last month I purchased a leasehold house in Cheadle. Am I liable to pay 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. Strange as it may seem, 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).

    Do you have any top tips for leasehold conveyancing in Cheadle with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Cheadle can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Cheadle leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. If you dont have the consents to hand do not contact the landlord without checking with your conveyancer in the first instance.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Obtaining a re-issued share certificate is often a time consuming formality and frustrates many a Cheadle conveyancing deal. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I inherited a garden flat in Cheadle, conveyancing having been completed 1996. How much will my lease extension cost? Comparable flats in Cheadle with an extended lease are worth £226,000. The ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2079

    With 53 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 as well as legals.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Cheadle