Fixed-fee leasehold conveyancing in Rossendale:

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Sample questions relating to Rossendale leasehold conveyancing

I am hoping to complete next month on a leasehold property in Rossendale. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Rossendale should include some of the following:

  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Rossendale please ask your lawyer in advance of your conveyancing in Rossendale

    • I have just started marketing my 2 bed apartment in Rossendale.Conveyancing is yet to be initiated but I have just had a half-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. This will smooth the conveyancing process.

    I am looking at a couple of apartments in Rossendale which have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Rossendale. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

    I am a negotiator for a long established estate agent office in Rossendale where we see a few leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Rossendale conveyancing solicitors. Could you shed some light as to whether the seller of a flat can commence the lease extension formalities for the buyer?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start 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 has to be done 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 advice can you give us when it comes to finding a Rossendale conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Rossendale conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Rossendale conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • Can they put you in touch with client in Rossendale who can give a testimonial?
  • What are the costs for lease extension work?

    • Rossendale Conveyancing for Leasehold Flats - Sample of Queries before buying

      Who are the managing agents? The majority of Rossendale leasehold properties will be liable to pay a service charge for maintenance of the building levied on behalf of the landlord. Where you acquire the apartment you will have to pay this charge, usually quarterly throughout the year. This can be anything from a few hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a ground rent to be met yearly, normally this is not a exorbitant figure, say around £50-£100 but you should to enquire as on occasion it can be many hundreds of pounds. You will want to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to daily issues such as the tidiness of the communal areas. Ask other tenants what they think of them. On a final note, investigate as to the dates that the maintenance charges are due to the managing agents and precisely how they are spending the funds.

    Other Topics

    Lease Extensions in Rossendale