Experts for Leasehold Conveyancing in Failsworth

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Failsworth leasehold conveyancing: Q and A’s

I would like to rent out my leasehold apartment in Failsworth. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Even though your last Failsworth conveyancing lawyer is not available you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is allowed. There may be a precondition that you must seek permission via your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet without prior consent. The consent must not not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

My wife and I purchased a leasehold house in Failsworth. Conveyancing and Virgin Money mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Failsworth who previously acted has long since retired.Any advice?

The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Failsworth conveyancing lawyer 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 rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am a negotiator for a long established estate agent office in Failsworth where we have experienced a few leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Failsworth conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension process for the buyer?

As long as 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. This means that the buyer 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 prior to, or at the same time as completion of the sale.

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 offer any advice when it comes to finding a Failsworth conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Failsworth conveyancing firm) 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 Failsworth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in Failsworth who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Failsworth from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Failsworth can be avoided if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers conveyancers.
    • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Failsworth leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such changes. Where you fail to have the approvals in place do not contact the landlord without checking with your solicitor first.
  • Some Failsworth leases require Landlord’s consent to the sale and approval of the buyers. 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. The 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 solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay 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 particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Obtaining a duplicate share certificate can be a time consuming formality and slows down many a Failsworth conveyancing deal. Where a duplicate share is needed, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • I inherited a 1 bedroom flat in Failsworth, conveyancing having been completed 2008. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Failsworth with over 90 years remaining are worth £240,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2087

    With just 64 years remaining on your lease the likely cost is going to range between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.

    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 a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you 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 Failsworth