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Common questions relating to Buxton leasehold conveyancing

Planning to complete next month on a leasehold property in Buxton. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Setting out your rights in respect of the communal areas in the block.For example, does the lease provide for a right of way over an accessway or hallways?
  • Whether the lease restricts you from letting out the flat, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Buxton please enquire of your lawyer in advance of your conveyancing in Buxton

    • Estate agents have just been given the go-ahead to market my garden flat in Buxton.Conveyancing has not commenced but I have just had a yearly service charge invoice – Do I pay up?

    It best that you clear the invoice 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I work for a reputable estate agency in Buxton where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Buxton conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 needs to be completed prior to, or simultaneously with 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 offer any advice when it comes to finding a Buxton conveyancing practice to deal with our lease extension?

    When appointing a property lawyer for lease extension works (regardless if they are a Buxton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Buxton conveyancing practices prior to instructing a firm. Where the conveyancing practice 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?
  • Can they put you in touch with client in Buxton who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Buxton from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Buxton can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
    • Some Buxton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Organising a replacement share certificate is often a lengthy formality and frustrates many a Buxton conveyancing deal. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I acquired a 1st floor flat in Buxton, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Buxton with an extended lease are worth £265,000. The ground rent is £60 levied per year. The lease expires on 21st October 2093

    You have 68 years unexpired we estimate the price of your lease extension to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should 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 Buxton