Examples of recent questions relating to leasehold conveyancing in Wilmslow
I am on look out for some leasehold conveyancing in Wilmslow. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Wilmslow - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Due to exchange soon on a leasehold property in Wilmslow. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Wilmslow should include some of the following:
- You should be sent a copy of the lease
I am attracted to a two flats in Wilmslow both have about fifty years left on the leases. should I be concerned?
There are plenty of short leases in Wilmslow. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field
I am a negotiator for a busy estate agency in Wilmslow where we have witnessed a few leasehold sales put at risk as a result of short leases. I have received contradictory information from local Wilmslow conveyancing solicitors. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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. This means that the buyer need not have to wait 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 disposal of the property.
An alternative approach is 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 purchaser.
Can you provide any top tips for leasehold conveyancing in Wilmslow with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Wilmslow can be bypassed if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
- A minority of Wilmslow leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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.
Wilmslow Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
Is anyone aware of any major works in the planning that will add a premium to the service charges?
It would be wise to discover as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to practical issues such as the upkeep of the common parts. Ask prospective neighbours what they think of their management. On a final note, be sure you understand the dates that you are obliged pay the maintenance charge to the appropriate party and precisely how they are spending the funds.
It would be sensible to find out if the the lease includes any unreasonable restrictions in the lease. For instance some leases prohibit pets being permitted in certain buildings in Wilmslow. If you love the apartmentin Wilmslow yet your cat can’t live with you then you will be presented with a hard choice.