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

Assuming the lease is registered - and most are in Eccles - 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 would like to let out my leasehold apartment in Eccles. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

A lease dictates relations between the landlord and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Eccles do not prevent subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

I am looking at a couple of flats in Eccles both have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Eccles is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more upbeat 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 the agreed 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.

Can you offer any advice when it comes to choosing a Eccles conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (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 conveyancing. We suggested that you make enquires with several firms including non Eccles conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• How experienced is the firm with lease extension legislation?

Are there common problems that you witness in leases for Eccles properties?

There is nothing unique about leasehold conveyancing in Eccles. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Norwich and Peterborough Building Society, and Aldermore all have express requirements 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, forcing the buyer to withdraw.

I invested in buying a 1 bedroom flat in Eccles, conveyancing was carried out in 1999. 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? Similar properties in Eccles with a long lease are worth £241,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2086

With only 63 years unexpired we estimate the price of your lease extension to range between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.

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. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

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Lease Extensions in Eccles