Fixed-fee leasehold conveyancing in Peak District:

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Top Five Questions relating to Peak District leasehold conveyancing

My husband and I may need to let out our Peak District garden flat for a while due to a new job. We used a Peak District conveyancing firm in 2001 but they have since shut and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?

A lease dictates relations between the freeholder and you the flat owner; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Peak District do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Planning to sign contracts shortly on a garden flat in Peak District. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Peak District should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Are pets allowed in the flat?
  • Whether the lease restricts you from letting out the flat, or having a home office for business
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Peak District please ask your lawyer in advance of your conveyancing in Peak District

    • Back In 2001, I bought a leasehold flat in Peak District. Conveyancing and The Mortgage Works mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Peak District who acted for me is not around.Do I pay?

    First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Peak District conveyancing firm to do this as you can do this on the Land Registry website for a few pound. 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.

    Do you have any top tips for leasehold conveyancing in Peak District from the point of view of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Peak District can be avoided where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
    • The majority landlords or managing agents in Peak District levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Peak District.
  • A minority of Peak District leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve 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 buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Arranging a duplicate share certificate can be a lengthy process and delays many a Peak District conveyancing deal. Where a duplicate share certificate is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later.

    • Are there frequently found deficiencies that you come across in leases for Peak District properties?

    Leasehold conveyancing in Peak District is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will 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. Santander, Leeds Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.

    I am the registered owner of a 1 bedroom flat in Peak District, conveyancing was carried out 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Peak District with over 90 years remaining are worth £203,000. The average or mid-range amount of ground rent is £60 per annum. The lease runs out on 21st October 2078

    You have 53 years remaining on your lease we estimate the price of your lease extension to range between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. 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 want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Peak District