Frequently asked questions relating to Whaley Bridge leasehold conveyancing
Looking forward to complete next month on a basement flat in Whaley Bridge. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Whaley Bridge should include some of the following:
- Are pets allowed in the flat?
I am attracted to a couple of apartments in Whaley Bridge which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Whaley Bridge is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, 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 attractive. 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 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 Whaley Bridge 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I am a negotiator for a reputable estate agent office in Whaley Bridge where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Whaley Bridge conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension process for the buyer?
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 proposed purchaser can avoid having to sit tight for 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 disposal of the property.
Alternatively, it may be possible 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 purchaser.
What advice can you give us when it comes to finding a Whaley Bridge conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Whaley Bridge conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Whaley Bridge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Whaley Bridge who can give a testimonial?
Can you provide any advice for leasehold conveyancing in Whaley Bridge from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Whaley Bridge can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Whaley Bridge state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you fail to have the consents to hand you should not contact the landlord without checking with your solicitor in the first instance.
Whaley Bridge Conveyancing for Leasehold Flats - A selection of Queries before buying
How much is the annual service fee and ground rent?
What is the name of the managing agents?
Plenty Whaley Bridge leasehold properties will have a service charge for the upkeep of the building invoiced on behalf of the freeholder. If you purchase the flat you will have to meet this contribution, normally in instalments during the year. This could differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a ground rent for you to pay annual, normally this is not a significant figure, say approximately £50-£100 but you should to enquire as sometimes it could be many hundreds of pounds.