I am hoping to complete next month on a ground floor flat in Walkden. Conveyancing solicitors inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

• Defining your legal entitlements in respect of the communal areas in the block.E.G., does the lease include a right of way over an accessway or staircase?

Does the lease require carpeting throughout thus preventing wood flooring?

Will you be prohibited or prevented from having pets in the property?

Does the lease prevent you from letting out the flat, or working from home

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Responsibility for repairing the window frames

What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Walkden please enquire of your conveyancer in advance of your conveyancing in Walkden

I have just appointed agents to market my basement apartment in Walkden.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is discharge 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've found a house that seems to be perfect, at a great figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Walkden. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Walkden are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Walkden so you should seriously consider shopping around for a Walkden conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a couple of maisonettes in Walkden which have approximately 50 years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Walkden is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under 75 years become less and less attractive. 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 premises 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 Walkden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

All being well we will complete the sale of our £275000 maisonette in Walkden next Thursday . The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Walkden?

For the majority of leasehold sales in Walkden conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering conveyancing due diligence questions
• Where consent is required before sale in Walkden
• Copies of the building insurance and schedule
• 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 Walkden leasehold premises is £350. For Walkden 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 obliged to provide answers.

Leasehold Conveyancing in Walkden - Examples of Queries Prior to Purchasing

Be sure to investigate if there are any onerous restrictions in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Walkden. If you like the flatin Walkden yet your cat can’t move with you then you will be faced difficult compromise. Does the lease have in excess of 80 years left? In the main the cost for major works tend not to be included within service charges, albeit that there some managing agents in Walkden require tenants to pay into a reserve fund and this is used to offset against larger works.

Other Topics

Lease Extensions in Walkden