I am on look out for some leasehold conveyancing in Hope Valley. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Hope Valley - 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.

Back In 2004, I bought a leasehold house in Hope Valley. Conveyancing and Platform Home Loans Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Hope Valley who previously acted has long since retired.Do I pay?

First contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Hope Valley conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a long established estate agent office in Hope Valley where we have experienced a number of leasehold sales put at risk due to short leases. I have been given conflicting advice from local Hope Valley conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you provide any top tips for leasehold conveyancing in Hope Valley from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Hope Valley can be avoided where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
• The majority landlords or Management Companies in Hope Valley levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Hope Valley.

Are there frequently found defects that you come across in leases for Hope Valley properties?

Leasehold conveyancing in Hope Valley is not unique. Most leases are unique and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• 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 could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in Hope Valley - Examples of Queries Prior to Purchasing

Does the lease include onerous restrictions? You will want to discover as much as you can about the company managing the block as they will either make your living at the property much simpler or a lot more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the common parts. Ask other people what they think of them. Finally, find out the dates that the maintenance fees are due to the managing agents and specifically how they are spending the funds. It would be a good idea to find out if there is anything that is prohibited in the lease. For example it is very common in Hope Valley leases that pets are not permitted in in a block in Hope Valley. If you like the flatin Hope Valley yet your cat can’t move with you then you will be presented with a hard compromise.

Other Topics

Lease Extensions in Hope Valley