Recently asked questions relating to Runcorn leasehold conveyancing
Looking forward to exchange soon on a leasehold property in Runcorn. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Runcorn should include some of the following:
- You should receive a copy of the lease
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Runcorn. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Runcorn are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Runcorn so you should seriously consider looking for a Runcorn conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I am tempted by the attractive purchase price for a two maisonettes in Runcorn which have approximately 50 years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Runcorn. The lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
I work for a busy estate agent office in Runcorn where we have witnessed a few flat sales derailed as a result of short leases. I have received conflicting advice from local Runcorn conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
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 purchaser.
What are your top tips when it comes to choosing a Runcorn conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Runcorn conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Runcorn conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Runcorn Conveyancing for Leasehold Flats - A selection of Queries before buying
The answer will be important as a) areas can result in problems for the building as the communal areas may start to deteriorate if services remain unpaid b) if the tenants have an issue with the running of the building you will need to have full disclosure
How long is the Lease?
What prohibitions are there in the Runcorn Lease?