Guaranteed fixed fees for Leasehold Conveyancing in Tyldesley

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

Tyldesley leasehold conveyancing: Q and A’s

I am attracted to a two apartments in Tyldesley both have approximately 50 years left on the lease term. Will this present a problem?

There are plenty of short leases in Tyldesley. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

I've recently bought a leasehold house in Tyldesley. Do I have any liability for service charges relating to a period prior to my ownership?

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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

I am a negotiator for a long established estate agent office in Tyldesley where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Tyldesley conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 sale.

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.

Do you have any top tips for leasehold conveyancing in Tyldesley from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Tyldesley can be avoided if you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
  • The majority freeholders or managing agents in Tyldesley charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Tyldesley.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Tyldesley state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such works. Where you dont have the paperwork in place do not communicate with the landlord without contacting your lawyer before hand.
  • Some Tyldesley leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • When it comes to leasehold conveyancing in Tyldesley what are the most common lease problems?

    Leasehold conveyancing in Tyldesley is not unique. All leases is drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair 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.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Bank of Scotland, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Leasehold Conveyancing in Tyldesley - A selection of Queries Prior to buying

      It would be a good idea to enquire if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being allowed in in a block in Tyldesley. If you love the apartmentin Tyldesley yet your cat is not allowed to live with you then you will be presented with a difficult determination. How much is the ground rent and service charge? Who manages the block?

    Other Topics

    Lease Extensions in Tyldesley