I am in need of some leasehold conveyancing in Stockport. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Stockport - 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 attracted to a two apartments in Stockport which have in the region of forty five years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Stockport is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stockport conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Last month I purchased a leasehold flat in Stockport. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any top tips for leasehold conveyancing in Stockport from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Stockport can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers conveyancers.
• If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Stockport state that internal structural alterations or installing wooden flooring require a licence from the Landlord consenting to such alterations. Should you dont have the consents in place do not communicate with the landlord without checking with your conveyancer in advance.

What are the frequently found deficiencies that you encounter in leases for Stockport properties?

There is nothing unique about leasehold conveyancing in Stockport. All leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.

Stockport Leasehold Conveyancing - Sample of Queries Prior to buying

Does the lease include onerous restrictions? Are any of leasehold owners in dispute over their service charge liability? It is important to be aware whether a new roof is being put on or some other significant cost is pending to be shared amongst the leasehold owners and could well materially increase the the maintenance charges or necessitate a one time payment.

Other Topics

Lease Extensions in Stockport