Common questions relating to Duffield leasehold conveyancing
Planning to sign contracts shortly on a basement flat in Duffield. Conveyancing solicitors 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?
The report on title for your leasehold conveyancing in Duffield should include some of the following:
- The total extent of the premises. This will be the property itself but could also incorporate a loft or basement if appropriate.
I’m about to sell my garden apartment in Duffield.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – what should I do?
It best that you 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 management companies will not acknowledge the buyer until 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've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Duffield. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Duffield are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Duffield in which case you should be looking for a Duffield conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I am a negotiator for a reputable estate agent office in Duffield where we have witnessed 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 Duffield conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
Can you provide any top tips for leasehold conveyancing in Duffield from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Duffield can be reduced if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- A minority of Duffield leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 purchasers or their lawyers.
I acquired a 2 bed flat in Duffield, conveyancing having been completed 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Duffield with a long lease are worth £169,000. The ground rent is £55 per annum. The lease ends on 21st October 2082
With just 58 years left to run the likely cost is going to be between £22,800 and £26,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.