I am in need of some leasehold conveyancing in Accrington. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is registered - and 99.9% are in Accrington - 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 am tempted by the attractive purchase price for a two flats in Accrington both have in the region of 50 years remaining on the leases. Will this present a problem?

There are plenty of short leases in Accrington. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

I am a negotiator for a long established estate agent office in Accrington where we see a few flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Accrington conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

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 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 has to be done before, or simultaneously with completion of the sale.

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.

Can you provide any advice for leasehold conveyancing in Accrington with the aim of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Accrington can be bypassed if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers conveyancers.
• Many freeholders or Management Companies in Accrington charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Accrington.

In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Accrington leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such changes. Should you fail to have the paperwork to hand do not communicate with the landlord without checking with your conveyancer in advance.

If you have had conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing.

If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Arranging a replacement share certificate can be a lengthy formality and slows down many a Accrington conveyancing transaction. If a new share is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

We expect to complete our sale of a £400000 maisonette in Accrington in 10 days. The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Accrington?

Accrington conveyancing on leasehold apartments ordinarily results in fees being invoiced by landlords agents :

• Answering pre-contract questions
• Where consent is required before sale in Accrington
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Accrington leasehold premises is £350. For Accrington conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

Leasehold Conveyancing in Accrington - Sample of Questions you should ask Prior to Purchasing

How is the lease structured? How long is the Lease? Please note that where the lease has fewer than eighty years it will impact the salability of the flat. It is worth checking with your bank that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of what this would cost. For most Accringtonlease extensions you will need to own the premises for 24 months before you are entitled to extend the lease.

Other Topics

Lease Extensions in Accrington