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

Any conveyancing practice can theoretically handle your leasehold conveyancing in Oldham, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Oldham leasehold conveyancing

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

Assuming the lease is recorded at the land registry - and 99.9% are in Oldham - 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.

I am hoping to complete next month on a studio apartment in Oldham. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?

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

  • You should be sent a copy of the lease
  • The physical extent of the premises. This will be the property itself but could also incorporate a loft or cellar if applicable.
  • Are you allowed to have a pet in the flat?
  • Whether the lease restricts you from subletting the property, or having a home office for business
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • Responsibility for repairing the window frames
  • 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 Oldham please enquire of your lawyer in advance of your conveyancing in Oldham

  • Do you have any top tips for leasehold conveyancing in Oldham from the point of view of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Oldham can be bypassed if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
    • A minority of Oldham leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share document. Organising a new share certificate can be a time consuming process and slows down many a Oldham conveyancing transaction. If a reissued share is necessary, do contact the company officers or managing agents (if applicable) 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 wise to verify this by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is less than 75 years. It is therefore essential at an as soon as possible that you consider 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.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375000 apartment in Oldham in 5 days. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Oldham?

    Oldham conveyancing on leasehold apartments often involves the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have little option but to pay whatever is demanded should you wish to sell the property.

    In relation to leasehold conveyancing in Oldham what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Oldham. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Virgin Money, and Bank of Ireland 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 provide security, forcing the purchaser to pull out.

    Leasehold Conveyancing in Oldham - A selection of Queries before buying

      It would be sensible to discover as much as you can about the managing agents as they will either make living at the property much simpler or uncomfortable. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to day to day issues like the tidiness of the communal areas. Don't be afraid to ask other people what they think of their service. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. It is important to be aware if changing the roof or some other significant cost is pending to be shared between the leaseholders and may well dramatically increase the the service costs or require a one time invoice. Plenty Oldham leasehold properties will be liable to pay a service bill for maintenance of the block levied on behalf of the freeholder. Where you purchase the property you will have to meet this contribution, usually quarterly accross the year. This may be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge for you to pay yearly, ordinarily this is not a significant amount, say around £25-£75 but you need to check it because occasionally it can be many hundreds of pounds.

    Other Topics

    Lease Extensions in Oldham