Fixed-fee leasehold conveyancing in Walkden:

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Walkden, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Walkden leasehold conveyancing Example Support Desk Enquiries

Having had my offer accepted I require leasehold conveyancing in Walkden. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Walkden - 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.

Jane (my partner) and I may need to sub-let our Walkden garden flat temporarily due to taking a sabbatical. We used a Walkden conveyancing firm in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Your lease dictates relations between the landlord and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Walkden do not contain subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

I am tempted by the attractive purchase price for a couple of maisonettes in Walkden both have in the region of forty five years remaining on the leases. Will this present a problem?

There are no two ways 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 reduces the marketability of the property. The majority of buyers and lenders, leases with less than 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 a residence 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. 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 any new 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 finding a Walkden conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Walkden conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Walkden conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • What volume of lease extensions have they completed in Walkden in the last 12 months?
  • What are the charges for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Walkden from the perspective of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Walkden can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
    • The majority freeholders or Management Companies in Walkden levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought 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 usual cause of frustration in leasehold conveyancing in Walkden.
  • A minority of Walkden leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You will have to accept that you will have to 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Obtaining a re-issued share certificate can be a lengthy formality and delays many a Walkden home move. Where a reissued share certificate is necessary, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • Walkden Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying

      Best to be warned whether changing the roof or some other major work is due in the near future that will be shared between the leasehold owners and could well dramatically increase the the maintenance fees or result in a one off payment. What is the name of the managing agents? Please tell me if there are any major works in the near future that could increase the maintenance fees?

    Other Topics

    Lease Extensions in Walkden