I am in need of some leasehold conveyancing in Marple. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Marple - then the leasehold title will always include the short particulars 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 wish to sublet my leasehold apartment in Marple. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A small minority of properties in Marple do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I’m about to sell my garden apartment in Marple.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – Do I pay up?

The sensible thing to do is discharge the invoice 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 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 tempted by the attractive purchase price for a couple of apartments in Marple which have about forty five years left on the leases. Will this present a problem?

A lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field

Are there frequently found problems that you see in leases for Marple properties?

There is nothing unique about leasehold conveyancing in Marple. All leases are individual and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

Marple Leasehold Conveyancing - Sample of Queries Prior to Purchasing

It is important to be aware if fixing the lift or some other significant cost is coming up to be shared between the tenants and will materially impact the level of the maintenance costs or result in a one time invoice. Is there a share of the freehold? Where a Marple lease has no more than 80 years it will have adverse implications on the value of the property. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and it is worth discovering what this will be. For most Marplelease extensions you will be required to have owned the property for two years in order to be entitled to exercise a lease extension.

Other Topics

Lease Extensions in Marple