I've found a house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Prestbury. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Prestbury ?

The majority of houses in Prestbury are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Prestbury in which case you should be shopping around for a Prestbury conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.

Back In 2007, I bought a leasehold house in Prestbury. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Prestbury who acted for me is not around.Any advice?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. You do not need to instruct a Prestbury conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a long established estate agency in Prestbury where we see a number of flat sales derailed due to short leases. I have been given conflicting advice from local Prestbury conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?

As long as 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. This means that the buyer 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 before, or at the same time as completion of the disposal of the property.

An alternative approach is 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 Prestbury from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Prestbury can be reduced if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
• The majority landlords or Management Companies in Prestbury charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Prestbury.

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 buyers and their solicitors will be reluctant to purchase a flat where there is a current 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unresolved.

If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Organising a re-issued share certificate is often a lengthy formality and frustrates many a Prestbury home move. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

You believe that you know the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

All being well we will complete the sale of our £250000 apartment in Prestbury on Friday in a week. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Prestbury?

Prestbury conveyancing on leasehold flats usually involves administration charges invoiced by managing agents :

• Answering conveyancing due diligence enquiries
• Where consent is required before sale in Prestbury
• 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 conveyancer will have no control over the level of the charges for this information but the average costs for the information for Prestbury leasehold property is £350. For Prestbury 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 required to provide the information.

Leasehold Conveyancing in Prestbury - A selection of Queries Prior to Purchasing

You should want to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the tidiness of the common parts. You should not be afraid to ask other people whether they are happy with their service. Finally, be sure you understand the dates that the maintenance charges are due to the managing agents and specifically what you get for your money. Who manages the building? The prefered form of lease arrangement is a share of the freehold. In this situation the tenants enjoy being in charge if their destiny and even though a managing agent is usually retained if it is bigger than a house conversion, the managing agent employed by the leaseholders.

Other Topics

Lease Extensions in Prestbury