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Recently asked questions relating to Stamford leasehold conveyancing

My partner and I may need to let out our Stamford basement flat temporarily due to a new job. We used a Stamford conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?

Some leases for properties in Stamford do contain a provision to say that subletting is only allowed with permission. 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.

There are only Fifty years remaining on my flat in Stamford. I now want to extend my lease but my landlord is can not be found. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you have done all that could be expected to track down the landlord. For most situations a specialist should be useful to conduct investigations and prepare a report which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Stamford.

I am hoping to exchange soon on a basement flat in Stamford. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Stamford should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Stamford please enquire of your solicitor in ahead of your conveyancing in Stamford

    • I am looking at a two apartments in Stamford both have approximately 50 years remaining on the leases. Do I need to be concerned?

    There are plenty of short leases in Stamford. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

    Can you provide any top tips for leasehold conveyancing in Stamford from the perspective of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Stamford can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Stamford state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you dont have the consents to hand do not contact the landlord without checking with your conveyancer first.
  • Some Stamford leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The 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 purchasers or their lawyers.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Organising a re-issued share certificate can be a time consuming process and delays many a Stamford conveyancing transaction. If a new share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I am the registered owner of a basement flat in Stamford, conveyancing was carried out in 1999. Can you work out an approximate cost of a lease extension? Corresponding properties in Stamford with an extended lease are worth £265,000. The ground rent is £60 levied per year. The lease finishes on 21st October 2081

    With 55 years remaining on your lease we estimate the premium for your lease extension to range between £30,400 and £35,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Stamford