Fixed-fee leasehold conveyancing in Walkden:

While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Walkden, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Walkden leasehold conveyancing

I am intending to sublet my leasehold flat in Walkden. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Even though your previous Walkden conveyancing lawyer is no longer around you can check your lease to check if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you need to obtain consent from your landlord or other appropriate person in advance of subletting. This means that you cannot sublet in the absence of first obtaining permission. The consent is not allowed to be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

Planning to exchange soon on a studio apartment in Walkden. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Walkden should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • The physical extent of the demise. This will be the flat itself but may incorporate a roof space or basement if applicable.
  • Are pets allowed in the flat?
  • You must be told what constitutes a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be included in your report on your leasehold property in Walkden please ask your conveyancer in advance of your conveyancing in Walkden

  • I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Walkden. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Walkden ?

    The majority of houses in Walkden are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Walkden in which case you should be shopping around for a Walkden conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.

    Last month I purchased a leasehold flat in Walkden. Do I have any liability for service charges for periods before my ownership?

    In a situation where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 employed by a reputable estate agency in Walkden where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Walkden conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 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 at the same time as 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.

    I invested in buying a studio flat in Walkden, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Walkden with an extended lease are worth £175,000. The ground rent is £60 levied per year. The lease expires on 21st October 2073

    You have 52 years left to run we estimate the price of your lease extension to range between £34,200 and £39,600 as well as professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Walkden