Fixed-fee leasehold conveyancing in Buxton:

While any conveyancing practice can theoretically deal with your leasehold conveyancing in Buxton, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Buxton leasehold conveyancing

I am on look out for some leasehold conveyancing in Buxton. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Buxton - 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.

Last month I purchased a leasehold flat in Buxton. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any top tips for leasehold conveyancing in Buxton with the aim of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Buxton can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
  • The majority landlords or managing agents in Buxton charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Buxton.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Buxton leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such works. Should you fail to have the approvals to hand do not contact the landlord without contacting your lawyer in advance.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a property where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • We expect to complete the sale of our £425000 apartment in Buxton next Wednesday . The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Buxton?

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

    • Completing pre-exchange questions
    • Where consent is required before sale in Buxton
    • 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 Buxton leasehold premises is £350. For Buxton 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 required to supply answers.

    What are the common deficiencies that you see in leases for Buxton properties?

    Leasehold conveyancing in Buxton is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair 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 will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Virgin Money, 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 is defective they may refuse to provide security, obliging the buyer to withdraw.

    I bought a 2 bed flat in Buxton, conveyancing was carried out in 2008. How much will my lease extension cost? Equivalent flats in Buxton with an extended lease are worth £255,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2078

    With just 57 years remaining on your lease the likely cost is going to be between £23,800 and £27,400 as well as costs.

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

    Other Topics

    Lease Extensions in Buxton