Frequently asked questions relating to Peak District leasehold conveyancing
I am in need of some leasehold conveyancing in Peak District. Before I get started I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Peak District - 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.
I have just started marketing my 2 bed apartment in Peak District.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – what should I do?
It best that you pay the invoice 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 managing agents will not acknowledge the buyer unless 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.
Last month I purchased a leasehold house in Peak District. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to finding a Peak District conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Peak District conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Peak District conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
If all goes to plan we aim to complete the sale of our £400000 maisonette in Peak District in just under a week. The managing agents has quoted £420 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 Peak District?
Peak District conveyancing on leasehold maisonettes often necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.
I inherited a 2 bed flat in Peak District, conveyancing having been completed in 2002. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Peak District with an extended lease are worth £262,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2075
With only 52 years remaining on your lease we estimate the premium for your lease extension to be between £34,200 and £39,600 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.