Leasehold Conveyancing in Hyde - Get a Quote from the leasehold experts approved by your lender

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Hyde leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Hyde. Before I get started I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Hyde - then the leasehold title will always include the basic details 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.

I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Hyde. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

The majority of houses in Hyde are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Hyde so you should seriously consider looking for a Hyde conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a two apartments in Hyde which have in the region of 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Hyde. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Can you offer any advice when it comes to finding a Hyde conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Hyde conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Hyde conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If the firm is not ALEP accredited then what is the reason?
  • What are the legal fees for lease extension conveyancing?

  • If all goes to plan we aim to complete the sale of our £250000 garden flat in Hyde on Thursday in a week. The managing agents has quoted £324 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Hyde?

    Hyde conveyancing on leasehold flats normally results in administration charges invoiced by freeholders :

    • Answering pre-contract questions
    • Where consent is required before sale in Hyde
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Hyde leasehold premises is £350. For Hyde conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

    I invested in buying a 1st floor flat in Hyde, conveyancing having been completed in 1998. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Hyde with an extended lease are worth £179,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2091

    You have 69 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 plus professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Hyde