Experts for Leasehold Conveyancing in Oldham

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Oldham leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Oldham. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and almost all 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 have just started marketing my ground floor apartment in Oldham.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 a negotiator for a busy estate agency in Oldham where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Oldham conveyancing firms. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Do you have any advice for leasehold conveyancing in Oldham with the purpose of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Oldham can be bypassed where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
  • The majority freeholders or Management Companies in Oldham levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Oldham.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Oldham leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such changes. If you dont have the consents to hand you should not communicate with the landlord without checking with your solicitor first.
  • Some Oldham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • You believe that you know the number of years left on your lease but you should verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore 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 home on the market for sale.

  • We expect to complete our sale of a £350000 apartment in Oldham in just under a week. The landlords agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Oldham?

    For the majority of leasehold sales in Oldham 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 enquiries
    • Where consent is required before sale in Oldham
    • 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 lawyer will have no control over the level of the charges for this information but the average costs for the information for Oldham leasehold premises is £350. For Oldham 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 obliged to supply answers.

    I bought a garden flat in Oldham, conveyancing was carried out 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Oldham with a long lease are worth £180,000. The ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2079

    With just 57 years unexpired we estimate the premium for your lease extension to be between £21,900 and £25,200 as well as costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Oldham