I have recently realised that I have Seventy years unexpired on my lease in Marple. I now wish to extend my lease but my freeholder is absent. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to find the landlord. For most situations a specialist would be useful to carry out a search and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Marple.

Estate agents have just been given the go-ahead to market my ground floor flat in Marple.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is clear 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 managing agents 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. This will smooth the conveyancing process.

I am looking at a two flats in Marple which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Marple. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

Can you provide any advice for leasehold conveyancing in Marple with the purpose of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Marple can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
• If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Marple state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such alterations. Where you fail to have the consents to hand you should not communicate with the landlord without contacting your solicitor in advance.
• Some Marple leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Obtaining a replacement share certificate is often a time consuming formality and delays many a Marple conveyancing deal. If a new share is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
• You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

In relation to leasehold conveyancing in Marple what are the most frequent lease defects?

Leasehold conveyancing in Marple is not unique. All leases are individual and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• 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

You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Marple Leasehold Conveyancing - Examples of Queries Prior to Purchasing

Is the freehold owned jointly by the tenants? Generally speaking the outlay for major works are not built into the service charges, albeit that there some managing agents in Marple ask tenants to pay into a sinking fund and this is used to offset against major repairs or maintenance.