Experts for Leasehold Conveyancing in Greasby

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Frequently asked questions relating to Greasby leasehold conveyancing

Looking forward to exchange soon on a basement flat in Greasby. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Greasby should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Whether the lease restricts you from letting out the property, or working from home
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For details of the information to be contained in your report on your leasehold property in Greasby please enquire of your conveyancer in ahead of your conveyancing in Greasby

    • I am attracted to a two maisonettes in Greasby which have approximately forty five years left on the lease term. Do I need to be concerned?

    There is no doubt about it. A leasehold flat in Greasby is a deteriorating 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 property. For most purchasers and mortgage companies, leases with less than 75 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 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 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 Greasby 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

    Last month I purchased a leasehold property in Greasby. Do I have any liability for service charges for periods before my ownership?

    Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you provide any top tips for leasehold conveyancing in Greasby with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Greasby can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
    • Many freeholders or Management Companies in Greasby levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Greasby.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Greasby state that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such changes. Should you dont have the consents in place do not contact the landlord without contacting your solicitor in advance.
  • A minority of Greasby leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Organising a replacement share certificate is often a lengthy process and slows down many a Greasby home move. If a reissued share certificate is necessary, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.

    • What makes a Greasby lease unmortgageable?

    Leasehold conveyancing in Greasby is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

    I invested in buying a leasehold flat in Greasby, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Greasby with an extended lease are worth £262,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2077

    With just 52 years remaining on your lease we estimate the premium for your lease extension to range between £39,000 and £45,000 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 extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Greasby