I am on look out for some leasehold conveyancing in Droylsden. Before I get started I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Droylsden - then the leasehold title will always include the short particulars 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 a negotiator for a busy estate agency in Droylsden where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Droylsden conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner 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. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

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 buyer.

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

• Much of the frustration in leasehold conveyancing in Droylsden can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
• The majority freeholders or Management Companies in Droylsden charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to 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 receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Droylsden.

If all goes to plan we aim to complete the sale of our £250000 flat in Droylsden in just under a week. The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Droylsden?

Droylsden conveyancing on leasehold flats usually necessitates the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be willing to assist. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality one has little option but to pay whatever is requested of you should you wish to sell the property.

What makes a Droylsden lease problematic?

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

• A provision to repair to or maintain elements of the property
• Insurance obligations
• 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Chelsea Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

I invested in buying a basement flat in Droylsden, conveyancing formalities finalised 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Droylsden with a long lease are worth £179,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2081

With 55 years unexpired the likely cost is going to range between £31,400 and £36,200 plus legals.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Droylsden