Having had my offer accepted I require leasehold conveyancing in High Peak. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in High Peak - 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 would like to rent out my leasehold flat in High Peak. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Some leases for properties in High Peak do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I have just appointed agents to market my basement apartment in High Peak.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – what should I do?

It best that you pay 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 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 am looking at a two maisonettes in High Peak both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in High Peak 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 salability of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive 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 premises 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 High Peak 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Can you offer any advice when it comes to finding a High Peak conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a High Peak conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non High Peak conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• Can they put you in touch with client in High Peak who can give a testimonial?

I bought a 2 bed flat in High Peak, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in High Peak with a long lease are worth £254,000. The ground rent is £60 yearly. The lease expires on 21st October 2079

You have 54 years unexpired the likely cost is going to range between £36,100 and £41,800 as well as costs.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in High Peak