Expecting to complete next month on a garden flat in Macclesfield. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Macclesfield should include some of the following:

• You should receive a copy of the lease

I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Macclesfield. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Macclesfield are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Macclesfield so you should seriously consider shopping around for a Macclesfield conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.

I am a negotiator for a reputable estate agency in Macclesfield where we see a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Macclesfield conveyancing firms. Could you confirm whether the vendor of a flat can initiate 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 need not have to wait 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 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 purchaser.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425000 maisonette in Macclesfield next Thursday . The management company has quoted £348 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Macclesfield?

Macclesfield conveyancing on leasehold flats often requires the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. In reality one has no choice but to pay whatever is demanded if you want to sell the property.

When it comes to leasehold conveyancing in Macclesfield what are the most frequent lease defects?

Leasehold conveyancing in Macclesfield is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

I am the registered owner of a 2 bed flat in Macclesfield, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Macclesfield with a long lease are worth £228,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2092

With only 67 years left to run we estimate the price of your lease extension to span between £14,300 and £16,400 plus legals.

The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Macclesfield