Fixed-fee leasehold conveyancing in Buxton:

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Examples of recent questions relating to leasehold conveyancing in Buxton

I am hoping to complete next month on a garden flat in Buxton. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What you can do if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Buxton please ask your solicitor in advance of your conveyancing in Buxton

    • Estate agents have just been given the go-ahead to market my 2 bed apartment in Buxton.Conveyancing has not commenced but I have just had a quarterly service charge invoice – what should I do?

    The sensible thing to do is discharge the service charge 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 managing agents will not acknowledge the buyer unless 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.

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

    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. Strange as it may seem, 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?

    • Much of the frustration in leasehold conveyancing in Buxton can be avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Buxton state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you fail to have the approvals in place you should not communicate with the landlord without contacting your lawyer in the first instance.
  • Some Buxton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is essential 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.

    • In relation to leasehold conveyancing in Buxton what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Buxton. Most leases is drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • 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

    You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.

    I acquired a garden flat in Buxton, conveyancing formalities finalised in 1999. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Buxton with a long lease are worth £262,000. The ground rent is £60 invoiced annually. The lease ends on 21st October 2082

    You have 57 years remaining on your lease we estimate the price of your lease extension to range between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Buxton