Sample questions relating to High Peak leasehold conveyancing
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 remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in High Peak - 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.
My husband and I may need to let out our High Peak 1st floor flat for a while due to taking a sabbatical. We used a High Peak conveyancing practice in 2001 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs the relationship between the landlord and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in High Peak do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I am looking at a two maisonettes in High Peak which have in the region of 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in High Peak is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less marketable. 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 property 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 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.
We expect to complete the disposal of our £225000 flat in High Peak next Monday . The managing agents has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in High Peak?
For most leasehold sales in High Peak conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in High Peak
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there frequently found problems that you come across in leases for High Peak properties?
Leasehold conveyancing in High Peak is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Norwich and Peterborough Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I inherited a split level flat in High Peak, conveyancing having been completed in 2004. How much will my lease extension cost? Corresponding properties in High Peak with an extended lease are worth £175,000. The ground rent is £55 levied per year. The lease expires on 21st October 2101
With only 80 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.