Fixed-fee leasehold conveyancing in Horwich:

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Horwich leasehold conveyancing: Q and A’s

Back In 2008, I bought a leasehold house in Horwich. Conveyancing and National Westminster Bank mortgage are in place. 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 1993. The conveyancing practitioner in Horwich who acted for me is not around.What should I do?

First contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Horwich conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of apartments in Horwich which have about forty five years left on the leases. should I be concerned?

A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

What advice can you give us when it comes to appointing a Horwich conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Horwich conveyancing firm) 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 make enquires with several firms including non Horwich conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • How familiar is the firm with lease extension legislation?
  • What are the charges for lease extension work?

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

    • Much of the delay in leasehold conveyancing in Horwich can be bypassed where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
    • Many landlords or managing agents in Horwich charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Horwich.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Horwich state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such works. Should you dont have the consents to hand do not contact the landlord without checking with your solicitor before hand.
  • A minority of Horwich leases require Landlord’s consent to the sale and approval of the buyers. 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 should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • What makes a Horwich lease unacceptable for security purposes?

    Leasehold conveyancing in Horwich is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Nottingham Building Society 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 grant the mortgage, obliging the buyer to withdraw.

    Leasehold Conveyancing in Horwich - Sample of Questions you should consider Prior to Purchasing

      Can you tell me if there are any major works in the near future that will likely add a premium to the maintenance fees? How much is the yearly maintenance fee and ground rent? The prefered form of lease structure is a share of the freehold. In this arrangement the tenants have control and even though a managing agent is frequently employed if it is bigger than a house conversion, the managing agent is directed by the tenants.

    Other Topics

    Lease Extensions in Horwich