Fixed-fee leasehold conveyancing in Nantwich:

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Examples of recent questions relating to leasehold conveyancing in Nantwich

Having had my offer accepted I require leasehold conveyancing in Nantwich. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is registered - and most are in Nantwich - 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.

Expecting to complete next month on a leasehold property in Nantwich. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Does the lease prohibit wood flooring?
  • You must be told what constitutes a Nuisance in the lease
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • 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
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Nantwich please ask your solicitor in advance of your conveyancing in Nantwich

  • I am attracted to a couple of flats in Nantwich both have approximately 50 years remaining on the leases. Will this present a problem?

    There are no two ways about it. A leasehold flat in Nantwich is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. 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 property 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 Nantwich 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 top tips for leasehold conveyancing in Nantwich from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Nantwich can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
    • The majority freeholders or Management Companies in Nantwich levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Nantwich.
  • A minority of Nantwich leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Arranging a replacement share certificate can be a lengthy formality and delays many a Nantwich home move. If a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £200000 apartment in Nantwich on Wednesday in a week. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Nantwich?

    For the majority of leasehold sales in Nantwich conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Answering pre-exchange questions
    • Where consent is required before sale in Nantwich
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Nantwich leasehold premises is £350. For Nantwich conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

    Nantwich Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying

      What restrictions exist in the Nantwich Lease? How much is the annual service fee and ground rent? Many Nantwich leasehold apartments will have a service bill for the upkeep of the building set on behalf of the management company. Should you acquire the flat you will have to pay this amount, usually in instalments during the year. This could vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a ground rent for you to pay annual, this is usually not a large sum, say approximately £25-£75 but you should to enquire as occasionally it could be many hundreds of pounds.

    Other Topics

    Lease Extensions in Nantwich