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Frequently asked questions relating to Disley leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Disley. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Disley - 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.

Looking forward to sign contracts shortly on a basement flat in Disley. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Disley should include some of the following:

  • You should receive a copy of the lease
  • The total extent of the property. This will be the property itself but may include a loft or basement if appropriate.
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Disley please ask your conveyancer in advance of your conveyancing in Disley

    • My wife and I purchased a leasehold flat in Disley. Conveyancing and Clydesdale mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Disley who acted for me is not around.What should I do?

    First contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Disley conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am a negotiator for a reputable estate agent office in Disley where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Disley conveyancing firms. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?

    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. The benefit of this is 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 before, or simultaneously with completion of the disposal of the property.

    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.

    Can you provide any top tips for leasehold conveyancing in Disley from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Disley can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
    • Many freeholders or Management Companies in Disley levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Disley.
  • Some Disley leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or resolve 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 particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Arranging a replacement share certificate can be a lengthy formality and frustrates many a Disley home move. If a duplicate share certificate is necessary, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

    • I purchased a ground floor flat in Disley, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Disley with an extended lease are worth £264,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2080

    With 56 years left to run we estimate the price of your lease extension to be between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Disley