Recently asked questions relating to Salford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Salford. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all 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.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Salford. I need to get lease extension but my landlord is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the lessor. In some cases an enquiry agent should be helpful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court covering Salford.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Salford. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Salford are freehold and not leasehold. In this scenario it’s worth 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 in which case you should be shopping around for a Salford conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent 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 house is located on an estate. Your solicitor will report to you on the legal implications.
I work for a busy estate agent office in Salford where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Salford conveyancing firms. Could you shed some light as to whether the seller of a flat can commence the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means 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 prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £275000 flat in Salford next week. The management company has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Salford?
Salford conveyancing on leasehold flats normally requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be content to assist. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I invested in buying a basement flat in Salford, conveyancing formalities finalised 6 years ago. How much will my lease extension cost? Corresponding flats in Salford with over 90 years remaining are worth £255,000. The ground rent is £60 per annum. The lease ends on 21st October 2100
With 79 years left to run the likely cost is going to be between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.