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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Gatley, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Gatley leasehold conveyancing

I have recently realised that I have Fifty years remaining on my flat in Gatley. I now wish to get lease extension but my freeholder is absent. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the freeholder. For most situations an enquiry agent may be useful to carry out a search and to produce an expert document to be used as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the application to the County Court overseeing Gatley.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Gatley. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Gatley are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Gatley in which case you should be shopping around for a Gatley conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.

I own a leasehold flat in Gatley. Conveyancing and Nottingham Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Gatley who acted for me is not around.Do I pay?

First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Gatley conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two flats in Gatley both have about forty five years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Gatley is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and lenders, leases with less than eighty years become less and less marketable. 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 premises 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 a residence 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 Gatley 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.

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

  • A significant proportion of the delay in leasehold conveyancing in Gatley can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Gatley state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such works. If you fail to have the paperwork in place do not communicate with the landlord without contacting your conveyancer first.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge 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 prior to 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 have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Organising a re-issued share certificate is often a time consuming formality and frustrates many a Gatley conveyancing deal. If a duplicate share certificate is required, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Gatley Leasehold Conveyancing - A selection of Queries before Purchasing

      Is there a share of the freehold? You will want to discover as much as you can regarding the company managing the block as they can either make life much easier or problematic. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the upkeep of the common parts. Enquire of other tenants if they are happy with their service. In conclusion, be sure you discover the dates that the service fees are due to the appropriate party and specifically what you get for your money. Who manages the block?

    Other Topics

    Lease Extensions in Gatley