I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Grappenhall. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Grappenhall ?

The majority of houses in Grappenhall are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Grappenhall so you should seriously consider looking for a Grappenhall conveyancing solicitor and check that they are used to dealing with leasehold houses. First 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 for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.

I am attracted to a couple of apartments in Grappenhall which have approximately fifty years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Grappenhall is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 property 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 Grappenhall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

I work for a long established estate agency in Grappenhall where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Grappenhall conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

An alternative approach is 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.

What advice can you give us when it comes to appointing a Grappenhall conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Grappenhall conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Grappenhall conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• How familiar is the firm with lease extension legislation?

What makes a Grappenhall lease problematic?

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

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• 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 as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Grappenhall Leasehold Conveyancing - Sample of Queries Prior to buying

Is anyone aware of any major works in the near future that will likely add a premium to the service fees? What is the name of the managing agents? It would be a good idea to investigate if there is anything that is prohibited in the lease. For instance some leases prohibit pets being permitted in in a block in Grappenhall. If you love the apartmentin Grappenhall however your dog is not allowed to move with you then you have a very hard determination.

Other Topics

Lease Extensions in Grappenhall