I am on look out for some leasehold conveyancing in Penwortham. 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 most are in Penwortham - then the leasehold title will always include the short particulars 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 attracted to a two flats in Penwortham both have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Penwortham. The lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

I am employed by a long established estate agent office in Penwortham where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Penwortham conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 purchaser.

We expect to complete our sale of a £350000 garden flat in Penwortham in just under a week. The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Penwortham?

Penwortham conveyancing on leasehold flats normally results in administration charges raised by freeholders :

• Answering pre-exchange questions
• Where consent is required before sale in Penwortham
• Supplying insurance information
• 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 Penwortham leasehold property is £350. For Penwortham 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 provide the information.

In relation to leasehold conveyancing in Penwortham what are the most common lease problems?

Leasehold conveyancing in Penwortham is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• 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

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Clydesdale 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 is defective they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in Penwortham - A selection of Queries before Purchasing

It would be wise to discover if there are any onerous restrictions in the lease. For example it is reasonably common in Penwortham leases that pets are not allowed in in a block in Penwortham. If you like the apartmentin Penwortham however your dog can’t live with you then you will be presented with a difficult compromise. Are there any major works in the near future that could add a premium to the service charges? The answer will be important as a) areas can result in problems in the block as the communal areas may begin to deteriorate where repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will want to know about it

Other Topics

Lease Extensions in Penwortham