I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Duffield. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Duffield ?

Most houses in Duffield are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Duffield so you should seriously consider looking for a Duffield conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.

My wife and I purchased a leasehold flat in Duffield. Conveyancing and Godiva Mortgages Ltd mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Duffield who acted for me is not around.Any advice?

The first thing you should do is contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Duffield conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two flats in Duffield which have in the region of forty five years unexpired on the leases. should I be concerned?

There are plenty of short leases in Duffield. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in Duffield from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Duffield can be bypassed where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers representatives.
• If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Duffield state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. Should you dont have the consents in place you should not contact the landlord without checking with your lawyer in the first instance.

When it comes to leasehold conveyancing in Duffield what are the most common lease defects?

Leasehold conveyancing in Duffield is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• 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 have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Aldermore all have very detailed conveyancing instructions 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 provide security, obliging the purchaser to pull out.

I am the registered owner of a leasehold flat in Duffield, conveyancing having been completed 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Duffield with an extended lease are worth £245,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2089

With just 64 years unexpired we estimate the premium for your lease extension to range between £18,100 and £20,800 plus costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Duffield