Looking forward to sign contracts shortly on a leasehold property in Oldham. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I have just appointed agents to market my garden apartment in Oldham.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – what should I do?

It best that you discharge 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 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've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Oldham. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Oldham ?

The majority of houses in Oldham are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Oldham in which case you should be shopping around for a Oldham conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.

I am attracted to a two maisonettes in Oldham which have about forty five years unexpired on the leases. should I be concerned?

A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

I've recently bought a leasehold property in Oldham. Do I have any liability for service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Oldham Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying

The prefered form of lease arrangement is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and even though a managing agent is often employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Does the lease have in excess of 90 years remaining? Where a Oldham lease has less than 80 years it will impact the salability of the property. It is worth checking with your mortgage company that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the premises for 24 months in order to be eligible to extend the lease.

Other Topics

Lease Extensions in Oldham