Recently asked questions relating to Leyland leasehold conveyancing
I am hoping to exchange soon on a ground floor flat in Leyland. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Leyland should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I am attracted to a two apartments in Leyland both have in the region of 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Leyland. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field
I work for a long established estate agency in Leyland where we have experienced a number of leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Leyland conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
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 purchaser.
What are your top tips when it comes to finding a Leyland conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Leyland conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Leyland conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How many lease extensions has the firm carried out in Leyland in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Leyland from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Leyland can be bypassed where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ solicitors.
- If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Leyland state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such works. Should you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer before hand.
Leyland Conveyancing for Leasehold Flats - A selection of Queries before buying
It would be sensible to find out if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Leyland. If you love the flatin Leyland yet your dog is not allowed to move with you then you will be presented with a difficult compromise.
Who are the managing agents?
You should want to discover as much as you can about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the communal areas. Enquire of other tenants what they think of them. Finally, investigate as to the dates that the maintenance charges are due to the managing agents and precisely what you get for your money.