I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Eccles. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Eccles ?

The majority of houses in Eccles are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Eccles so you should seriously consider shopping around for a Eccles conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.

I am looking at a two flats in Eccles which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Eccles is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Eccles conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to finding a Eccles conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Eccles conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Eccles conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How many lease extensions has the firm completed in Eccles in the last twenty four months?

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

• A significant proportion of the delay in leasehold conveyancing in Eccles can be reduced if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
• The majority landlords or managing agents in Eccles 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 pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Eccles.

We expect to complete our sale of a £425000 garden flat in Eccles in six days. The landlords agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Eccles?

Eccles conveyancing on leasehold apartments often necessitates the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.

I purchased a 2 bed flat in Eccles, conveyancing was carried out 1998. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Eccles with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2092

With just 68 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Eccles