Due to exchange soon on a basement flat in Littleborough. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Littleborough should include some of the following:

• How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years

I have just started marketing my ground floor flat in Littleborough.Conveyancing has not commenced but I have just had a quarterly service charge invoice – 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Littleborough. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Littleborough ?

The majority of houses in Littleborough are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Littleborough so you should seriously consider shopping around for a Littleborough conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.

I am attracted to a two flats in Littleborough which have approximately fifty years unexpired on the lease term. Will this present a problem?

There are plenty of short leases in Littleborough. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

I am employed by a reputable estate agency in Littleborough where we see a few flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Littleborough conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?

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 proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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.

Littleborough Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

Are there any major works in the planning that could add a premium to the maintenance costs? How much is the yearly maintenance fee and ground rent? Who are the managing agents?

Other Topics

Lease Extensions in Littleborough