I’m about to sell my ground floor flat in Stockport.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 management companies 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 looking at a couple of maisonettes in Stockport which have approximately fifty years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Stockport is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and banks, leases with less than 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 property 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 a residence 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 Stockport 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 any new 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 are your top tips when it comes to finding a Stockport conveyancing practice to deal with our lease extension?

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

• If the firm is not ALEP accredited then what is the reason?
• How many lease extensions have they conducted in Stockport in the last twenty four months?

Do you have any advice for leasehold conveyancing in Stockport with the purpose of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Stockport can be reduced if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
• Many freeholders or Management Companies in Stockport charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Stockport.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Stockport leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you dont have the paperwork in place you should not communicate with the landlord without checking with your solicitor in advance.
• A minority of Stockport leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Organising a re-issued share certificate is often a lengthy formality and delays many a Stockport conveyancing deal. If a new share is required, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

Completion in due on the sale of our £ 225000 garden flat in Stockport on Monday in a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Stockport?

Stockport conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be content to do so. They may charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.

I am the registered owner of a ground floor flat in Stockport, conveyancing was carried out 8 years ago. How much will my lease extension cost? Corresponding properties in Stockport with over 90 years remaining are worth £267,000. The ground rent is £55 yearly. The lease terminates on 21st October 2083

With 57 years unexpired the likely cost is going to range between £26,600 and £30,800 plus costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.