High Peak leasehold conveyancing: Q and A’s
I wish to let out my leasehold apartment in High Peak. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous High Peak conveyancing lawyer is no longer available you can check your lease to see if you are permitted to let out the property. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to seek consent via your landlord or some other party prior to subletting. The net result is that you cannot sublet without prior consent. The consent is not allowed to be unreasonably turned down. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I have recently realised that I have Seventy years unexpired on my lease in High Peak. I am keen to extend my lease but my freeholder is absent. What are my options?
If you meet the appropriate requirements, 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 mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to locate the lessor. On the whole an enquiry agent should be useful to try and locate and prepare a report which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering High Peak.
Estate agents have just been given the go-ahead to market my ground floor flat in High Peak.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 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.
Back In 2002, I bought a leasehold house in High Peak. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in High Peak who previously acted has now retired.Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a High Peak conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in High Peak both have about 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in High Peak is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. 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 a residence 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 the agreed 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.
High Peak Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
It would be prudent to discover as much as you can regarding the company managing the block as they will either make life much easier or a lot more difficult. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to daily issues like the tidiness of the communal areas. Enquire of prospective neighbours what they think of their service. Finally, find out the dates that you are obliged pay the service charge to the managing agents and specifically what it includes.
What is the name of the managing agents?
Best to be warned if window replacement or some other significant cost is due in the foreseeable future that will be shared by the leaseholders and could well dramatically increase the the maintenance charges or require a one off payment.