Fixed-fee leasehold conveyancing in Chorley:

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Examples of recent questions relating to leasehold conveyancing in Chorley

I am hoping to complete next month on a leasehold property in Chorley. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Chorley should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • You need to be told what counts as a Nuisance in the lease
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Chorley please ask your lawyer in ahead of your conveyancing in Chorley

    • Back In 2008, I bought a leasehold house in Chorley. Conveyancing and Barclays Direct mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Chorley who acted for me is not around.Do I pay?

    First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Chorley conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am tempted by the attractive purchase price for a couple of flats in Chorley which have approximately forty five years remaining on the lease term. Will this present a problem?

    There are plenty of short leases in Chorley. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area

    I am a negotiator for a reputable estate agency in Chorley where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Chorley conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

    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 buyer 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 needs to be completed before, or simultaneously with 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.

    What advice can you give us when it comes to choosing a Chorley conveyancing firm to carry out our lease extension conveyancing?

    When appointing a property lawyer for your lease extension (regardless if they are a Chorley conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Chorley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

    • If they are not ALEP accredited then why not?
  • How many lease extensions have they conducted in Chorley in the last year?

    • I acquired a 1 bedroom flat in Chorley, conveyancing was carried out in 2003. Can you work out an approximate cost of a lease extension? Comparable properties in Chorley with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2079

    With 55 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Chorley