Fixed-fee leasehold conveyancing in Tyldesley:

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When it comes to leasehold conveyancing in Tyldesley, you will need to chose a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Clydesdale , RBS or Nationwide be sure to find a lawyer on their approved list. Feel free to use our search tool

Top Five Questions relating to Tyldesley leasehold conveyancing

Estate agents have just been given the go-ahead to market my basement flat in Tyldesley.Conveyancing has not commenced but I have just had a half-yearly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear 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. This will smooth the conveyancing process.

I own a leasehold house in Tyldesley. Conveyancing and Leeds Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Tyldesley who acted for me is not around.What should I do?

The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Tyldesley conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two maisonettes in Tyldesley both have approximately fifty years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Tyldesley is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and banks, leases with under eighty years become less and less marketable. 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 property 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 Tyldesley 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.

I am employed by a busy estate agent office in Tyldesley where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Tyldesley conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?

As long as 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

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.

Can you provide any top tips for leasehold conveyancing in Tyldesley with the intention of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Tyldesley can be avoided if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers lawyers.
  • Many freeholders or Management Companies in Tyldesley levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Tyldesley.
  • Some Tyldesley leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and delays many a Tyldesley conveyancing deal. If a duplicate share certificate is required, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Leasehold Conveyancing in Tyldesley - Sample of Questions you should ask Prior to Purchasing

      The answer will be useful as a) areas can result in problems for the block as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the managing agents you will need to know about it The majority of Tyldesley leasehold apartments will be liable to pay a service bill for maintenance of the building set on behalf of the freeholder. If you purchase the apartment you will have to meet this amount, usually in instalments during the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a ground rent to be met yearly, normally this is not a large sum, say approximately £25-£75 but you should to enquire as sometimes it could be many hundreds of pounds. Be sure to discover if the the lease contains any unreasonable restrictions in the lease. By way of example it is very common in Tyldesley leases that pets are not permitted in in a block in Tyldesley. If you like the apartmentin Tyldesley however your cat is not allowed to make the move with you then you will be presented with a hard choice.

    Other Topics

    Lease Extensions in Tyldesley