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

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

Prestwich leasehold conveyancing: Q and A’s

I have just appointed agents to market my basement flat in Prestwich.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge 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 unless 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 today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Prestwich. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

Most houses in Prestwich are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Prestwich in which case you should be looking for a Prestwich conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.

I own a leasehold flat in Prestwich. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Prestwich who acted for me is not around.Do I pay?

The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Prestwich conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Do you have any advice for leasehold conveyancing in Prestwich from the perspective of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Prestwich can be bypassed where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Prestwich leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you fail to have the consents in place do not contact the landlord without contacting your solicitor before hand.
  • Some Prestwich 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 financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You may have to bite the bullet and 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 will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 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 home on the market for sale.

  • We expect to complete our sale of a £300000 garden flat in Prestwich next week. The freeholder has quoted £372 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Prestwich?

    For most leasehold sales in Prestwich conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Answering conveyancing due diligence questions
    • Where consent is required before sale in Prestwich
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Prestwich leasehold property is £350. For Prestwich 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 answers.

    I inherited a 1 bedroom flat in Prestwich, conveyancing formalities finalised 2010. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Prestwich with an extended lease are worth £209,000. The ground rent is £45 yearly. The lease ceases on 21st October 2088

    With just 64 years left to run we estimate the premium for your lease extension to span between £16,200 and £18,600 plus legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Prestwich