Examples of recent questions relating to leasehold conveyancing in Rochdale
I am on look out for some leasehold conveyancing in Rochdale. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Rochdale - 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.
Expecting to complete next month on a basement flat in Rochdale. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Rochdale should include some of the following:
- You need to be told what constitutes a Nuisance in the lease
I am a negotiator for a reputable estate agent office in Rochdale where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Rochdale conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
What are your top tips when it comes to appointing a Rochdale conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Rochdale conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Rochdale conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How many lease extensions have they conducted in Rochdale in the last year?
Can you provide any top tips for leasehold conveyancing in Rochdale from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Rochdale can be bypassed where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Rochdale leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you fail to have the consents to hand do not contact the landlord without checking with your solicitor in advance.
I own a split level flat in Rochdale, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Rochdale with an extended lease are worth £269,000. The ground rent is £60 invoiced every year. The lease finishes on 21st October 2092
With only 71 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other 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 based on this information before seeking the advice of a professional.