Common questions relating to Wythenshawe leasehold conveyancing
I am on look out for some leasehold conveyancing in Wythenshawe. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Wythenshawe - then the leasehold title will always include the short particulars 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.
I only have Fifty years left on my lease in Wythenshawe. I need to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to find the freeholder. For most situations a specialist would be helpful to try and locate and to produce an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Wythenshawe.
I’m about to sell my ground floor apartment in Wythenshawe.Conveyancing is yet to be initiated but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am attracted to a couple of maisonettes in Wythenshawe both have in the region of 50 years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Wythenshawe is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive 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 property 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 Wythenshawe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
I am a negotiator for a long established estate agency in Wythenshawe where we have witnessed a few leasehold sales put at risk due to short leases. I have received contradictory information from local Wythenshawe conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Wythenshawe Conveyancing for Leasehold Flats - Examples of Queries before buying
How is the lease structured?
It would be a good idea to enquire if the the lease contains any onerous restrictions in the lease. By way of example it is reasonably common in Wythenshawe leases that pets are not permitted in certain buildings in Wythenshawe. If you love the propertyin Wythenshawe yet your dog is not allowed to live with you then you have a very hard determination.
Generally speaking the outlay for major works tend not to be included within maintenance charges, although there some managing agents in Wythenshawe obliged leasehold owners to pay into a reserve fund created for the specific intention of establishing a fund for major repairs or maintenance.