Fixed-fee leasehold conveyancing in Stockport:

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Common questions relating to Stockport leasehold conveyancing

I am on look out for some leasehold conveyancing in Stockport. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is registered - and most 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.

Due to complete next month on a studio apartment in Stockport. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • You must be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • 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
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Stockport please enquire of your solicitor in advance of your conveyancing in Stockport

  • Estate agents have just been given the go-ahead to market my basement flat in Stockport.Conveyancing has not commenced but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?

    The sensible thing to do is discharge 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 management companies will not acknowledge the buyer until 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 work for a long established estate agent office in Stockport where we have witnessed a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Stockport conveyancing solicitors. Please can 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 owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 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 purchaser.

    Are there frequently found defects that you come across in leases for Stockport properties?

    Leasehold conveyancing in Stockport is not unique. Most leases are unique and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • 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 Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

    I invested in buying a 1st floor flat in Stockport, conveyancing having been completed in 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Stockport with a long lease are worth £187,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2081

    With only 57 years unexpired we estimate the price of your lease extension to span between £25,700 and £29,600 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns 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 getting professional advice.

    Other Topics

    Lease Extensions in Stockport