Common questions relating to Stalybridge leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Stalybridge. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Stalybridge - 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 want to sublet my leasehold flat in Stalybridge. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Some leases for properties in Stalybridge do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I work for a long established estate agency in Stalybridge where we have experienced a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Stalybridge conveyancing solicitors. Could you confirm whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that 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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as 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 buyer.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £175000 garden flat in Stalybridge next Friday . The management company has quoted £384 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Stalybridge?
Stalybridge conveyancing on leasehold apartments normally involves the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to do so. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Are there common defects that you see in leases for Stalybridge properties?
There is nothing unique about leasehold conveyancing in Stalybridge. All leases are individual and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Coventry Building Society, and Alliance & Leicester all have very detailed requirements 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 buyer to withdraw.
Leasehold Conveyancing in Stalybridge - A selection of Queries before buying
This question is important as a) areas can result in problems in the building as the common areas may start to deteriorate if services are not paid for b) if the leaseholders have a dispute with the running of the building you will wish to have full disclosure
If a Stalybridge lease has less than 80 years it will affect the salability of the apartment. Check with your mortgage company that they are content with residual term of the lease. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would be required to have owned the property for two years in order to be legally able to extend the lease.
How much is the ground rent and service charge?