Buxton leasehold conveyancing Example Support Desk Enquiries
I have recently realised that I have 68 years left on my flat in Buxton. I need to extend my lease but my landlord is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you have made all reasonable attempts to find the landlord. In some cases an enquiry agent should be helpful to carry out a search and prepare a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Buxton.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Buxton. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Buxton ?
Most houses in Buxton are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Buxton so you should seriously consider shopping around for a Buxton conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.
I am employed by a reputable estate agent office in Buxton where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Buxton conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that 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. This means that the proposed purchaser 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 has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £475000 garden flat in Buxton next week. The freeholder has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Buxton?
For the majority of leasehold sales in Buxton conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Buxton
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Buxton lease unacceptable for security purposes?
Leasehold conveyancing in Buxton is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Royal Bank of Scotland, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I purchased a 2 bed flat in Buxton, conveyancing formalities finalised in 1999. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Buxton with over 90 years remaining are worth £215,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2097
With just 75 years left to run the likely cost is going to span between £7,600 and £8,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do 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 clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.