Experts for Leasehold Conveyancing in Lydiate and Melling

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Lydiate and Melling leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Lydiate and Melling. Before diving in I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Lydiate and Melling - 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.

Due to complete next month on a garden flat in Lydiate and Melling. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

  • You should be sent a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • The physical extent of the demise. This will be the property itself but could also incorporate a roof space or basement if applicable.
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Lydiate and Melling please ask your conveyancer in ahead of your conveyancing in Lydiate and Melling

    • I have just appointed agents to market my 2 bed flat in Lydiate and Melling.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should clear 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 management companies will not acknowledge the buyer until 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 tempted by the attractive purchase price for a couple of flats in Lydiate and Melling which have in the region of 50 years unexpired on the leases. Will this present a problem?

    There are plenty of short leases in Lydiate and Melling. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

    Can you offer any advice when it comes to choosing a Lydiate and Melling conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Lydiate and Melling conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Lydiate and Melling conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

    • How many lease extensions has the firm carried out in Lydiate and Melling in the last 12 months?
  • Can they put you in touch with client in Lydiate and Melling who can give a testimonial?

    • I inherited a basement flat in Lydiate and Melling, conveyancing was carried out in 1999. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Lydiate and Melling with a long lease are worth £181,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2088

    With just 62 years remaining on your lease the likely cost is going to range between £16,200 and £18,600 plus legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Lydiate and Melling