Experts for Leasehold Conveyancing in Salford

When it comes to leasehold conveyancing in Salford, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your lender is to be Lloyds, Birmingham Midshires or Bradford & Bingley make sure you find a lawyer on their panel. Find a Salford conveyancing lawyer with our search tool

Salford leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Salford. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Salford - 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 am hoping to exchange soon on a leasehold property in Salford. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Setting out your rights in respect of the communal areas in the block.For example, does the lease include a right of way over an accessway or staircase?
  • Whether the lease restricts you from renting out the property, or having a home office for business
  • Whether your lease has a provision for a reserve fund?
  • 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.
  • What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Salford please enquire of your conveyancer in ahead of your conveyancing in Salford

  • I have just appointed agents to market my basement flat in Salford.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge demand – what should I do?

    It best that you pay 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 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've found a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Salford. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Salford ?

    The majority of houses in Salford are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Salford so you should seriously consider shopping around for a Salford conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.

    I work for a busy estate agency in Salford where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Salford conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension formalities for the buyer?

    Provided that the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

    An alternative approach is 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.

    I own a leasehold flat in Salford, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Salford with a long lease are worth £178,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2092

    With only 70 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Salford