I am in need of some leasehold conveyancing in Barlborough. Before diving in I would like to find out the remaining lease term.

If the lease is registered - and 99.9% are in Barlborough - then the leasehold title will always include the basic details 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 put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Barlborough. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

The majority of houses in Barlborough are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Barlborough in which case you should be shopping around for a Barlborough conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.

I work for a long established estate agency in Barlborough 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 Barlborough conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. 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 disposal of the property.

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.

What are your top tips when it comes to choosing a Barlborough conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Barlborough conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Barlborough conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• How familiar is the practice with lease extension legislation?

Are there common deficiencies that you encounter in leases for Barlborough properties?

There is nothing unique about leasehold conveyancing in Barlborough. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Barlborough Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing

You should be aware if it is no more than 80 years it will affect the value of the flat. Check with your bank that they are happy with the length of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out what this would cost. For most Barlboroughlease extensions you would need to own the residence for 24 months before you are entitled to carry out a lease extension. You should want to find out as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the upkeep of the communal areas. Enquire of other tenants what they think of their service. In conclusion, investigate as to the dates that the service charges are due to the managing agents and precisely how they are spending the funds. Can you tell me if there are any major works in the planning that will increase the service charges?

Other Topics

Lease Extensions in Barlborough