Fixed-fee leasehold conveyancing in Walkden:

When it comes to leasehold conveyancing in Walkden, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Lloyds, Yorkshire Building Society or NatWest be sure to choose a lawyer on their panel. Feel free to use our search tool

Questions and Answers: Walkden leasehold conveyancing

Due to sign contracts shortly on a garden flat in Walkden. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Defining your legal entitlements in respect of common areas in the building.E.G., does the lease include a right of way over a path or hallways?
  • You must be told what counts as a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What options are open to you if a neighbour breach a clause of their lease? For details of the information to be included in your report on your leasehold property in Walkden please enquire of your conveyancer in ahead of your conveyancing in Walkden

  • My wife and I purchased a leasehold flat in Walkden. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Walkden who previously acted has now retired.What should I do?

    First make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Walkden conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am a negotiator for a busy estate agent office in Walkden where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Walkden conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

    Provided that the seller has been the owner 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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 buyer.

    Can you offer any advice when it comes to finding a Walkden conveyancing practice to deal with our lease extension?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Walkden conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk 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 might be useful:

    • What volume of lease extensions have they conducted in Walkden in the last 12 months?
  • Can they put you in touch with client in Walkden who can give a testimonial?

  • Can you provide any top tips for leasehold conveyancing in Walkden from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Walkden can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
    • The majority freeholders or managing agents in Walkden charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of 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 Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 buyers or their solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge 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 particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Obtaining a replacement share certificate can be a time consuming formality and slows down many a Walkden conveyancing transaction. Where a new share certificate is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

  • I bought a basement flat in Walkden, conveyancing having been completed 2004. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Walkden with an extended lease are worth £235,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2085

    With 63 years remaining on your lease we estimate the premium for your lease extension to be between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Walkden