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Leasehold conveyancing in Hoole is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Hoole and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Top Five Questions relating to Hoole leasehold conveyancing

I own a leasehold flat in Hoole. Conveyancing and Alliance & Leicester mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Hoole who acted for me is not around.Any advice?

First make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Hoole conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of maisonettes in Hoole both have approximately forty five years remaining on the leases. Will this present a problem?

There are plenty of short leases in Hoole. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena

I am employed by a busy estate agent office in Hoole where we have experienced a number of flat sales jeopardised due to short leases. I have been given contradictory information from local Hoole conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as 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 need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

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 purchaser.

Can you offer any advice when it comes to appointing a Hoole conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Hoole conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Hoole conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • If the firm is not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Hoole who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Hoole with the purpose of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Hoole can be avoided if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers conveyancers.
    • The majority freeholders or Management Companies in Hoole levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Hoole.
  • A minority of Hoole leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle 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 purchasers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Arranging a replacement share certificate is often a time consuming process and delays many a Hoole home move. If a reissued share is required, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

    • I inherited a 1 bedroom flat in Hoole, conveyancing formalities finalised 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Hoole with over 90 years remaining are worth £252,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2080

    With just 55 years unexpired the likely cost is going to span between £29,500 and £34,000 plus legals.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Hoole