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

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

Prestbury leasehold conveyancing Example Support Desk Enquiries

Estate agents have just been given the go-ahead to market my 2 bed flat in Prestbury.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – what should I do?

The sensible thing to do is 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 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 am attracted to a couple of maisonettes in Prestbury which have about forty five years left on the leases. should I be concerned?

There are plenty of short leases in Prestbury. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field

I've recently bought a leasehold flat in Prestbury. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

Can you offer any advice when it comes to choosing a Prestbury conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Prestbury conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Prestbury conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • How familiar is the practice with lease extension legislation?
  • Can they put you in touch with client in Prestbury who can give a testimonial?

  • Can you provide any top tips for leasehold conveyancing in Prestbury with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Prestbury can be avoided where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
    • The majority freeholders or Management Companies in Prestbury charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Prestbury.
  • A minority of Prestbury leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • I purchased a 1 bedroom flat in Prestbury, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Prestbury with over 90 years remaining are worth £240,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2080

    With only 56 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 plus professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Prestbury