Experts for Leasehold Conveyancing in Denton

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Leasehold conveyancing in Denton is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Denton and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Frequently asked questions relating to Denton leasehold conveyancing

I am attracted to a two maisonettes in Denton both have about forty five years remaining on the lease term. should I be concerned?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

I've recently bought a leasehold property in Denton. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner 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. A critical element 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 work for a busy estate agency in Denton where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Denton conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?

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. This means that the proposed purchaser can avoid having to sit tight for 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.

An alternative approach is 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.

Can you offer any advice when it comes to choosing a Denton conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Denton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Denton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • If they are not ALEP accredited then what is the reason?
  • What are the charges for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Denton from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Denton can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
    • Many freeholders or Management Companies in Denton charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Denton.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Denton leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you fail to have the approvals in place you should not contact the landlord without checking with your conveyancer in advance.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I invested in buying a ground floor flat in Denton, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Denton with a long lease are worth £205,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2084

    With 59 years unexpired we estimate the premium for your lease extension to range between £25,700 and £29,600 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Denton