I am in need of some leasehold conveyancing in Chesterfield. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Chesterfield - 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 complete next month on a basement flat in Chesterfield. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

• The total extent of the demise. This will be the flat itself but could also include a loft or cellar if appropriate.

I am attracted to a couple of apartments in Chesterfield which have about forty five years left on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Chesterfield is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chesterfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold property in Chesterfield. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner 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 ensure 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).

All being well we will complete the sale of our £350000 maisonette in Chesterfield next week. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Chesterfield?

Chesterfield conveyancing on leasehold apartments normally requires the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be content to assist. They are entitled charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality one has no option but to pay whatever is requested of you should you wish to complete the sale of your home.

Chesterfield Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing

In the main the cost for major works are not incorporated into the maintenance charges, although a few managing agents in Chesterfield obliged leaseholders to pay into a reserve fund and this is used to offset against larger repairs or maintenance. The prefered form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this situation the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is usually employed where it is larger than a house conversion, the managing agent retained by the leaseholders. Who is in charge of the block?

Other Topics

Lease Extensions in Chesterfield