Quality lawyers for Leasehold Conveyancing in Peak District

Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Peak District, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Peak District leasehold conveyancing

I am on look out for some leasehold conveyancing in Peak District. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all 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 appointed agents to market my ground floor apartment in Peak District.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

Last month I purchased a leasehold house in Peak District. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee 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 be sure 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).

I am employed by a busy estate agent office in Peak District where we have witnessed a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Peak District conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has been the owner 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. The benefit of this is that the buyer 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 prior to, 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.

Do you have any advice for leasehold conveyancing in Peak District from the perspective of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Peak District can be bypassed if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
  • Some Peak District leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Obtaining a replacement share certificate is often a time consuming process and slows down many a Peak District home move. Where a reissued share is necessary, do contact the company officers or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • Leasehold Conveyancing in Peak District - Sample of Questions you should consider before buying

      How many years remain on the lease? Its a good idea to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to practical issues like the tidiness of the common parts. Don't be shy to ask prospective neighbours what they think of their service. Finally, investigate as to the dates that the maintenance fees are due to the appropriate party and precisely how they are spending that money. The best form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this situation the leaseholders benefit from control and even though a managing agent is frequently retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves.

    Other Topics

    Lease Extensions in Peak District