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Recently asked questions relating to Horwich leasehold conveyancing

I have just started marketing my garden flat in Horwich.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – what should I do?

It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a couple of flats in Horwich which have in the region of 50 years left on the leases. Do I need to be concerned?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies 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 conveyancer and surveyor with experience in this field

What advice can you give us when it comes to finding a Horwich conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Horwich conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Horwich conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

  • How experienced is the firm with lease extension legislation?
  • How many lease extensions has the firm conducted in Horwich in the last 12 months?

    • Can you provide any top tips for leasehold conveyancing in Horwich with the purpose of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Horwich can be avoided if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
    • Many freeholders or managing agents in Horwich levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Horwich.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Horwich leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such works. Should you fail to have the consents in place do not contact the landlord without checking with your conveyancer in advance.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is less than 75 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Horwich lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Horwich. Most leases are unique and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair 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 may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Bank of Ireland all have very detailed 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, forcing the buyer to withdraw.

    Horwich Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

      How many of the leaseholders are in arrears for their service charge payments? Does the lease include onerous restrictions? Is there a share of the freehold?

    Other Topics

    Lease Extensions in Horwich