Experts for Leasehold Conveyancing in High Peak

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Recently asked questions relating to High Peak leasehold conveyancing

Planning to exchange soon on a leasehold property in High Peak. Conveyancing lawyers assured me that they report fully tomorrow. What should I be looking out for?

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

  • You should receive a copy of the lease
  • The physical extent of the property. This will be the property itself but might incorporate a roof space or cellar if appropriate.
  • Does the lease prevent you from subletting the flat, or having a home office for business
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in High Peak please enquire of your solicitor in ahead of your conveyancing in High Peak

    • I’m about to sell my 2 bed flat in High Peak.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?

    The sensible thing to do is clear 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.

    My wife and I purchased a leasehold flat in High Peak. Conveyancing and Barclays Direct mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in High Peak who previously acted has long since retired.Any advice?

    First contact HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a High Peak conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am tempted by the attractive purchase price for a couple of maisonettes in High Peak which have about fifty years unexpired on the leases. should I be concerned?

    There are plenty of short leases in High Peak. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. 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 such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

    Do you have any top tips for leasehold conveyancing in High Peak from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in High Peak can be avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
    • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in High Peak state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such alterations. Where you dont have the paperwork in place do not contact the landlord without checking with your lawyer before hand.
  • Some High Peak leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat 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 the buyers completing the purchase. 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 details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I own a 2 bed flat in High Peak, conveyancing formalities finalised in 2001. How much will my lease extension cost? Comparable properties in High Peak with an extended lease are worth £251,000. The ground rent is £60 charged once a year. The lease ends on 21st October 2087

    With 62 years unexpired we estimate the premium for your lease extension to range between £18,100 and £20,800 as well as professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in High Peak