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
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 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.
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.