Recently asked questions relating to Manchester leasehold conveyancing
I am on look out for some leasehold conveyancing in Manchester. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Manchester - 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.
My wife and I may need to rent out our Manchester 1st floor flat temporarily due to a career opportunity. We instructed a Manchester conveyancing practice in 2003 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
The lease governs relations between the landlord and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Manchester do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Back In 2005, I bought a leasehold house in Manchester. Conveyancing and TSB mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Manchester who acted for me is not around.Any advice?
First contact HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Manchester conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Manchester both have about fifty years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Manchester is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive 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 a residence 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 Manchester conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Do you have any advice for leasehold conveyancing in Manchester with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Manchester can be avoided where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
- Many freeholders or managing agents in Manchester levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Manchester.
Manchester Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
What is the service charge and ground rent on the property?
How many of the leaseholders are in arrears for their maintenance charge payments?
Best to be warned whether redecorating or some other major work is pending that will be shared by the tenants and may well dramatically increase the the service fees or require a specific invoice.