Expecting to exchange soon on a garden flat in Reddish. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Reddish should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years

Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

You should be told what constitutes a Nuisance in the lease

Ground rent - how much and when you need to pay, and also know whether this is subject to change

You should have a good understanding of the insurance provisions

Changes to the flat (alterations and additions)

Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For details of the information to be included in your report on your leasehold property in Reddish please ask your lawyer in advance of your conveyancing in Reddish

I’m about to sell my 2 bed apartment in Reddish.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – Do I pay up?

It best that you 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 management companies 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 am tempted by the attractive purchase price for a two maisonettes in Reddish which have approximately forty five years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Reddish is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Reddish conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to choosing a Reddish conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Reddish conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Reddish conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How many lease extensions have they completed in Reddish in the last 12 months?

What are the charges for lease extension work?

Completion in due on the disposal of our £375000 maisonette in Reddish next week. The managing agents has quoted £312 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Reddish?

Reddish conveyancing on leasehold apartments normally involves administration charges raised by management companies :

• Answering pre-exchange questions
• Where consent is required before sale in Reddish
• 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 solicitor will have no control over the level of the charges for this information but the average costs for the information for Reddish leasehold property is £350. For Reddish 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.

Leasehold Conveyancing in Reddish - Sample of Queries Prior to buying

Is there a share of the freehold? The best form of lease arrangement is a share of the freehold. In this arrangement the tenants enjoy being in charge if their destiny and even though a managing agent is often employed where the building is bigger than a house conversion, the managing agent employed by the leaseholders. It is important to be aware if changing the roof or some other major work is due in the near future that will be shared by the tenants and will dramatically increase the the service fees or result in a specific payment.

Other Topics

Lease Extensions in Reddish