I am on look out for some leasehold conveyancing in Prestbury. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Prestbury - 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 tempted by the attractive purchase price for a two maisonettes in Prestbury both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Last month I purchased a leasehold property 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 owner 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. It is an essential part 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).

I am a negotiator for a long established estate agent office in Prestbury where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Prestbury conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as 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 buyer can avoid having to wait 2 years to extend their lease. 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 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.

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

• Much of the delay in leasehold conveyancing in Prestbury can be reduced if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
• The majority landlords or managing agents in Prestbury charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Prestbury.
• Some Prestbury leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 solicitors.
• If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing 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 completion of the sale. 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 buyers, but it is better to reveal the dispute as over rather than ongoing.
• If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Obtaining a duplicate share certificate is often a lengthy process and delays many a Prestbury home move. If a duplicate share is required, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.

I invested in buying a studio flat in Prestbury, conveyancing having been completed 2011. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Prestbury with a long lease are worth £235,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2091

With only 65 years left to run we estimate the premium for your lease extension to range between £15,200 and £17,600 as well as costs.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.