I am on look out for some leasehold conveyancing in Heanor. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Heanor - 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 looking at a two apartments in Heanor which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field

Last month I purchased a leasehold property in Heanor. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

What are your top tips when it comes to choosing a Heanor conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Heanor conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Heanor conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• Can they put you in touch with client in Heanor who can give a testimonial?
• What are the costs for lease extension work?

Do you have any top tips for leasehold conveyancing in Heanor from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Heanor can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
• The majority freeholders or Management Companies in Heanor levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Heanor.
• Some Heanor leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 buyers or their solicitors.
• If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic as opposed to unresolved.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Heanor Conveyancing for Leasehold Flats - A selection of Queries before buying

How many of the leaseholders are in arrears for their maintenance charge payments? You should be aware that where the lease has fewer than eighty years it will have adverse implications on the salability of the apartment. It is worth checking with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you would need to own the property for 24 months in order to be eligible to extend the lease.