Top Five Questions relating to Tyldesley leasehold conveyancing
I am on look out for some leasehold conveyancing in Tyldesley. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Tyldesley - 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’m about to sell my ground floor flat in Tyldesley.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you clear the service charge 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 am attracted to a two maisonettes in Tyldesley both have about fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Tyldesley. The lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field
I am employed by a long established estate agency in Tyldesley where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Tyldesley conveyancing solicitors. Can 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 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 before, 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 buyer.
What are your top tips when it comes to choosing a Tyldesley conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Tyldesley conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Tyldesley 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 helpful:
- If they are not ALEP accredited then why not?
I inherited a ground floor flat in Tyldesley, conveyancing having been completed 2003. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Tyldesley with an extended lease are worth £218,000. The ground rent is £60 invoiced annually. The lease finishes on 21st October 2077
With 56 years left to run the likely cost is going to range between £25,700 and £29,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.