Having had my offer accepted I require leasehold conveyancing in Derby. Before I get started I would like to find out the unexpired term of the lease.

If the lease is registered - and almost all are in Derby - 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.

I have just started marketing my garden flat in Derby.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge 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've found a house that seems to be perfect, at a great price which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Derby. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Derby ?

The majority of houses in Derby are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Derby so you should seriously consider shopping around for a Derby conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of apartments in Derby which have about forty five years left on the lease term. Will this present a problem?

There are plenty of short leases in Derby. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena

What makes a Derby lease defective?

There is nothing unique about leasehold conveyancing in Derby. All leases are individual and drafting errors can sometimes mean that 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
• A duty to insure the building
• 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Nottingham Building Society all have very detailed 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 grant the mortgage, obliging the purchaser to withdraw.

I acquired a leasehold flat in Derby, conveyancing formalities finalised 1998. Can you work out an approximate cost of a lease extension? Similar properties in Derby with over 90 years remaining are worth £244,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2075

With 53 years unexpired we estimate the premium for your lease extension to be between £37,100 and £42,800 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Derby