Having had my offer accepted I require leasehold conveyancing in Bakewell. Before diving in I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Bakewell - 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 hoping to sign contracts shortly on a leasehold property in Bakewell. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

I am tempted by the attractive purchase price for a two flats in Bakewell which have about fifty years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Bakewell is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with less than 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 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 Bakewell 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I work for a long established estate agent office in Bakewell where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Bakewell conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

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 buyer.

Can you provide any top tips for leasehold conveyancing in Bakewell with the intention of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Bakewell can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers lawyers.
• The majority freeholders or Management Companies in Bakewell charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Bakewell.

I purchased a 2 bed flat in Bakewell, conveyancing having been completed in 2003. How much will my lease extension cost? Comparable flats in Bakewell with a long lease are worth £269,000. The ground rent is £60 charged once a year. The lease ceases on 21st October 2080

With just 56 years unexpired the likely cost is going to be between £26,600 and £30,800 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Bakewell