Leasehold Conveyancing in Great Sankey - Get a Quote from the leasehold experts approved by your lender

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Recently asked questions relating to Great Sankey leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Great Sankey. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% are in Great Sankey - 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.

Due to sign contracts shortly on a studio apartment in Great Sankey. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • Does the lease prevent you from subletting the property, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Great Sankey please enquire of your lawyer in advance of your conveyancing in Great Sankey

    • I am a negotiator for a reputable estate agent office in Great Sankey where we have experienced a few flat sales derailed due to short leases. I have been given contradictory information from local Great Sankey conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder 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 provide any top tips for leasehold conveyancing in Great Sankey from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Great Sankey can be avoided if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Great Sankey leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you dont have the approvals in place you should not contact the landlord without contacting your lawyer before hand.
  • A minority of Great Sankey leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are 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 you have had conflict with your freeholder 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 concerned about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Are there frequently found problems that you witness in leases for Great Sankey properties?

    Leasehold conveyancing in Great Sankey is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could 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. HSBC Bank, The Royal Bank of Scotland, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    Great Sankey Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing

      Are there any major works in the near future that will likely add a premium to the service charges? Are any of leasehold owners in dispute over their service charge payments? It would be sensible to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day matters like the tidiness of the communal areas. You should not be afraid to ask other tenants what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money.

    Other Topics

    Lease Extensions in Great Sankey