Looking forward to sign contracts shortly on a garden flat in Wigan. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Wigan. Conveyancing advisers have not yet been appointed. Will they explain the issues?

Most houses in Wigan are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Wigan so you should seriously consider looking for a Wigan conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.

I am attracted to a couple of maisonettes in Wigan which have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Wigan 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 banks, leases with less than 75 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 premises 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 Wigan 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 the agreed 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 advice can you give us when it comes to choosing a Wigan conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Wigan conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Wigan conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• What volume of lease extensions have they conducted in Wigan in the last year?

Do you have any advice for leasehold conveyancing in Wigan from the point of view of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Wigan can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Wigan leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such changes. If you dont have the consents in place you should not contact the landlord without contacting your solicitor in advance.

I inherited a garden flat in Wigan, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Wigan with over 90 years remaining are worth £270,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2102

With only 77 years unexpired we estimate the premium for your lease extension to span between £12,400 and £14,200 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.

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Lease Extensions in Wigan