Expecting to exchange soon on a studio apartment in Oldham. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
• Are pets allowed in the flat?
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Changes to the flat (alterations and additions)
• 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.
• Responsibility for repairing the window frames

I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Oldham. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in Oldham are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Oldham so you should seriously consider shopping around for a Oldham conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I am a negotiator for a busy estate agent office in Oldham where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Oldham conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

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 purchaser.

What are your top tips when it comes to finding a Oldham conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Oldham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Oldham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• If the firm is not ALEP accredited then why not?
• What are the legal fees for lease extension work?

Can you provide any top tips for leasehold conveyancing in Oldham with the aim of expediting the sale process?

• Much of the delay in leasehold conveyancing in Oldham can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
• The majority landlords or Management Companies in Oldham charge for providing management packs for a leasehold property. You or your lawyers should find out 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 receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Oldham.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Oldham state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Should you dont have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer before hand.
• If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unsettled. You will have to accept that you will have to 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 prior to 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 historic as opposed to ongoing.
• If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a lengthy process and frustrates many a Oldham home move. If a new share certificate is necessary, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

Oldham Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing

Best to be warned whether redecorating or some other significant cost is coming up to be shared by the tenants and will dramatically increase the the maintenance fees or result in a one time invoice. The prefered form of lease structure is if the freehold reversion is owned by the leaseholders. In this situation the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is often retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.