Recently asked questions relating to Prestwich leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Prestwich. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Prestwich - then the leasehold title will always include the basic details 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 have just appointed agents to market my 2 bed flat in Prestwich.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 tempted by the attractive purchase price for a couple of apartments in Prestwich which have approximately fifty years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Prestwich. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Prestwich conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Prestwich conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Prestwich conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
Do you have any advice for leasehold conveyancing in Prestwich from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Prestwich can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the buyers representatives.
- Many landlords or managing agents in Prestwich charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Prestwich.
I inherited a garden flat in Prestwich, conveyancing was carried out 2002. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Prestwich with a long lease are worth £251,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2096
With 73 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.