Having had my offer accepted I require leasehold conveyancing in Hoole. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Hoole - 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.

My wife and I may need to sub-let our Hoole 1st floor flat for a while due to a career opportunity. We used a Hoole conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

Some leases for properties in Hoole do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I am hoping to sign contracts shortly on a ground floor flat in Hoole. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?

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

• You should receive a copy of the lease

I am tempted by the attractive purchase price for a couple of apartments in Hoole which have about 50 years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Hoole is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with less than eighty 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 a residence 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 Hoole 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.

Are there common defects that you encounter in leases for Hoole properties?

There is nothing unique about leasehold conveyancing in Hoole. Most leases are individual and legal mistakes in the legal wording can result in certain sections 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 property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Alliance & Leicester all have very detailed requirements 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, forcing the buyer to withdraw.

Hoole Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

Make sure you enquire if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in certain buildings in Hoole. If you like the propertyin Hoole yet your dog can’t make the move with you then you have a very difficult determination. On the whole the cost for major works are not included within maintenance charges, although some managing agents in Hoole require leaseholders to pay into a sinking fund and this is used to offset against major works. Are any of leasehold owners in arrears of their service charge payments?

Other Topics

Lease Extensions in Hoole