Common questions relating to High Peak leasehold conveyancing
I have recently realised that I have 72 years remaining on my lease in High Peak. I now wish to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the landlord. In some cases a specialist should be helpful to try and locate and prepare a report to be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court covering High Peak.
I am looking at a couple of maisonettes in High Peak which have approximately forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in High Peak is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat 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. More often than not it is possible to negotiate informally with the freeholder to extend 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.
What are your top tips when it comes to appointing a High Peak conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a High Peak conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non High Peak conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If they are not ALEP accredited then what is the reason?
Can you provide any top tips for leasehold conveyancing in High Peak with the purpose of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in High Peak can be avoided if you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers lawyers.
- Many landlords or Management Companies in High Peak charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in High Peak.
If all goes to plan we aim to complete the disposal of our £150000 apartment in High Peak next week. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in High Peak?
High Peak conveyancing on leasehold flats nine out of ten times results in fees being levied by management companies :
- Completing pre-contract questions
- Where consent is required before sale in High Peak
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in High Peak - A selection of Queries before buying
Does this lease have in excess of 82 years left?
You will want to find out as much as you can concerning the company managing the block as they will either make life much simpler or problematic. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the common parts. Enquire of other people if they are happy with them. Finally, find out the dates that the service fees are due to the relevant party and specifically what you get for your money.
The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this situation the leaseholders benefit from control and notwithstanding that a managing agent is usually retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves.