I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Heywood. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Heywood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Heywood so you should seriously consider shopping around for a Heywood conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.

Back In 2006, I bought a leasehold flat in Heywood. Conveyancing and Aldermore mortgage organised. 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 1998. The conveyancing practitioner in Heywood who previously acted has now retired.Do I pay?

First contact HMLR to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Heywood conveyancing firm to do this as it can be done on-line for less than a fiver. 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 employed by a busy estate agency in Heywood where we have experienced a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Heywood conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities for the buyer?

Provided that the seller has been the owner 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. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

Alternatively, it may be possible 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 advice for leasehold conveyancing in Heywood from the point of view of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Heywood can be reduced if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
• If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Heywood state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such works. If you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer before hand.

Are there common problems that you witness in leases for Heywood properties?

There is nothing unique about leasehold conveyancing in Heywood. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Mortgage Works, and TSB 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 is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

I invested in buying a garden flat in Heywood, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Heywood with over 90 years remaining are worth £213,000. The ground rent is £65 invoiced every year. The lease ceases on 21st October 2087

With 63 years unexpired we estimate the premium for your lease extension to range between £17,100 and £19,800 plus 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 advice on a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Heywood