Experts for Leasehold Conveyancing in Dronfield

When it comes to leasehold conveyancing in Dronfield, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Santander, Birmingham Midshires or NatWest be sure to find a lawyer on their panel. Feel free to use our search tool

Frequently asked questions relating to Dronfield leasehold conveyancing

There are only 68 years remaining on my flat in Dronfield. I am keen to get lease extension but my freeholder is absent. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have used your best endeavours to track down the landlord. In some cases a specialist may be useful to try and locate and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Dronfield.

Estate agents have just been given the go-ahead to market my garden flat in Dronfield.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is 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 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.

I own a leasehold house in Dronfield. Conveyancing and HSBC Bank mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Dronfield who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Dronfield conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two apartments in Dronfield both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Dronfield is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with less than eighty 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 a residence 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 Dronfield 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 am employed by a long established estate agency in Dronfield where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Dronfield conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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.

Dronfield Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

    How long is the Lease? The best form of lease structure is a share of the freehold. In this arrangement the leaseholders benefit from being in charge if their destiny and although a managing agent is often employed if the building is bigger than a house conversion, the managing agent retained by the leaseholders. Please note if it is fewer than 80 years it will impact the marketability of the apartment. It is worth checking with your lender that they are happy with remaining years on the lease. A short lease means that you will probably need a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you will be required to have owned the residence for two years in order to be eligible to extend the lease.

Other Topics

Lease Extensions in Dronfield