Recently asked questions relating to Stalybridge leasehold conveyancing
I am in need of some leasehold conveyancing in Stalybridge. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and almost all are in Stalybridge - then the leasehold title will always include the short particulars 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 recently realised that I have Fifty years unexpired on my lease in Stalybridge. I need to extend my lease but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to locate the freeholder. For most situations a specialist may be helpful to conduct investigations and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Stalybridge.
I am hoping to sign contracts shortly on a basement flat in Stalybridge. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Stalybridge should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Stalybridge. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Stalybridge are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Stalybridge so you should seriously consider looking for a Stalybridge conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I am employed by a long established estate agent office in Stalybridge where we have experienced a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Stalybridge conveyancing firms. Could you clarify whether the owner of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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 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 purchaser.
I purchased a leasehold flat in Stalybridge, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Stalybridge with over 90 years remaining are worth £176,000. The ground rent is £60 invoiced every year. The lease ceases on 21st October 2099
You have 73 years left to run the likely cost is going to range between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
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