I am on look out for some leasehold conveyancing in Littleborough. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Littleborough - 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 am tempted by the attractive purchase price for a two apartments in Littleborough which have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Littleborough is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Littleborough conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold property in Littleborough. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What are your top tips when it comes to appointing a Littleborough conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Littleborough conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Littleborough conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• If the firm is not ALEP accredited then why not?
• What are the charges for lease extension work?

Can you provide any advice for leasehold conveyancing in Littleborough with the intention of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Littleborough can be avoided if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
• Many landlords or managing agents in Littleborough charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Littleborough.
• If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Littleborough leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such changes. If you fail to have the consents in place do not communicate with the landlord without checking with your solicitor before hand.
• Some Littleborough leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
• You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

I am the registered owner of a split level flat in Littleborough, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Littleborough with a long lease are worth £170,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2089

With only 63 years left to run we estimate the price of your lease extension to range between £17,100 and £19,800 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.