Sample questions relating to Stanford Le Hope leasehold conveyancing
I am hoping to sign contracts shortly on a basement flat in Stanford Le Hope. Conveyancing lawyers have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Stanford Le Hope should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I own a leasehold flat in Stanford Le Hope. Conveyancing and TSB mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Stanford Le Hope who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Stanford Le Hope conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of maisonettes in Stanford Le Hope both have approximately forty five years left on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Stanford Le Hope is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stanford Le Hope conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am a negotiator for a reputable estate agent office in Stanford Le Hope where we have experienced a few leasehold sales derailed due to short leases. I have been given contradictory information from local Stanford Le Hope conveyancing firms. Please can you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
What makes a Stanford Le Hope lease problematic?
Leasehold conveyancing in Stanford Le Hope is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I bought a basement flat in Stanford Le Hope, conveyancing formalities finalised in 1996. Can you work out an approximate cost of a lease extension? Comparable properties in Stanford Le Hope with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2091
With 67 years remaining on your lease the likely cost is going to range between £15,200 and £17,600 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.