I am on look out for some leasehold conveyancing in Knutsford. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Knutsford - 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 wish to let out my leasehold apartment in Knutsford. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Knutsford do not contain subletting altogether – such a provision would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Knutsford. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Knutsford are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Knutsford in which case you should be looking for a Knutsford conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a two flats in Knutsford both have about forty five years remaining on the lease term. should I be concerned?

A 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 results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

I am a negotiator for a long established estate agent office in Knutsford where we have witnessed a few leasehold sales derailed due to short leases. I have received contradictory information from local Knutsford conveyancing solicitors. Can you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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.

An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.

Knutsford Leasehold Conveyancing - Sample of Queries before Purchasing

Where a Knutsford lease has no more than 80 years it will have adverse implications on the salability of the apartment. Check with your mortgage company that they are happy with the length of the lease. A short lease means that you will probably require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you would be required to have been the owner of the premises for 24 months in order to be eligible to exercise a lease extension. Is the freehold reversion owned jointly by the tenants? How many years are left on the lease?

Other Topics

Lease Extensions in Knutsford