Examples of recent questions relating to leasehold conveyancing in Matlock
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Matlock. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Matlock are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Matlock so you should seriously consider looking for a Matlock conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I am tempted by the attractive purchase price for a two maisonettes in Matlock which have about 50 years left on the lease term. should I be concerned?
There are plenty of short leases in Matlock. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena
I am employed by a busy estate agent office in Matlock where we see a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Matlock conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
What are your top tips when it comes to choosing a Matlock conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Matlock conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Matlock conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- If they are not ALEP accredited then what is the reason?
Are there common problems that you encounter in leases for Matlock properties?
Leasehold conveyancing in Matlock is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. 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 building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have 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. National Westminster Bank, Barnsley Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I own a leasehold flat in Matlock, conveyancing formalities finalised 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Matlock with a long lease are worth £252,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2100
With 77 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.