Leasehold Conveyancing in Old Swan - Get a Quote from the leasehold experts approved by your lender

Get a Quote

Whether you are buying or selling leasehold flat in Old Swan, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Old Swan conveyancing lawyer with our search tool

Old Swan leasehold conveyancing: Q and A’s

Planning to complete next month on a ground floor flat in Old Swan. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Old Swan should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your rights in relation to common areas in the block.For instance, does the lease grant a right of way over a path or staircase?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Whether the lease restricts you from letting out the flat, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Old Swan please ask your lawyer in advance of your conveyancing in Old Swan

    • I’m about to sell my ground floor flat in Old Swan.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should pay 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am looking at a couple of maisonettes in Old Swan which have approximately 50 years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Old Swan. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

    What advice can you give us when it comes to appointing a Old Swan conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a property lawyer for lease extension works (regardless if they are a Old Swan conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Old Swan conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • Can they put you in touch with client in Old Swan who can give a testimonial?
  • What are the charges for lease extension work?

    • When it comes to leasehold conveyancing in Old Swan what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Old Swan. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. 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 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

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    I bought a 1 bedroom flat in Old Swan, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Equivalent flats in Old Swan with an extended lease are worth £248,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2100

    With just 75 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Old Swan