Leasehold Conveyancing in Walkden - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Walkden is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Walkden and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Frequently asked questions relating to Walkden leasehold conveyancing

I would like to rent out my leasehold apartment in Walkden. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

The lease governs the relationship between the landlord and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Walkden do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I am looking at a couple of flats in Walkden which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Walkden is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat 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 premises 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 Walkden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

What are your top tips when it comes to choosing a Walkden conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Walkden conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Walkden conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How familiar is the practice with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Walkden with the purpose of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Walkden can be reduced where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers representatives.
    • The majority freeholders or Management Companies in Walkden charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to 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 Walkden.
  • 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 Walkden state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such works. If you dont have the paperwork in place you should not communicate with the landlord without checking with your lawyer in the first instance.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate is often a time consuming process and delays many a Walkden conveyancing transaction. Where a new share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • What makes a Walkden lease problematic?

    There is nothing unique about leasehold conveyancing in Walkden. All leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Bank of Scotland, and Barclays Direct all have very detailed 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 defective they may refuse to provide security, obliging the purchaser to withdraw.

    Walkden Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying

      Please note that where the lease has fewer than eighty years it will impact the value of the property. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering what this would cost. Remember, in most cases you will need to own the premises for two years before you are legally able to carry out a lease extension. How much is the service charge and ground rent on the flat? It would be wise to find out as much as you can regarding the company managing the building as they can either make living at the property much easier or problematic. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to every day issues such as the upkeep of the communal areas. You should not be afraid to ask other people what they think of them. Finally, find out the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending that money.

    Other Topics

    Lease Extensions in Walkden