I am on look out for some leasehold conveyancing in Stanley. Before diving in I would like to find out the remaining lease term.

If the lease is registered - and 99.9% are in Stanley - 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 only have 72 years unexpired on my flat in Stanley. I now wish to get lease extension but my freeholder is missing. What should I do?

On the basis that you qualify, 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 mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the lessor. For most situations a specialist may be helpful to try and locate and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Stanley.

I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Stanley. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Stanley are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Stanley in which case you should be looking for a Stanley conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.

What advice can you give us when it comes to appointing a Stanley conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Stanley conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Stanley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How familiar is the practice with lease extension legislation?

What makes a Stanley lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Stanley. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations 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

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. Birmingham Midshires, Bank of Scotland, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

Stanley Leasehold Conveyancing - Sample of Queries Prior to Purchasing

You should want to discover as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to daily issues like the tidiness of the common parts. Ask prospective neighbours if they are happy with them. In conclusion, investigate as to the dates that the maintenance fees are due to the relevant party and precisely what you get for your money. Are any of leasehold owners in dispute over their service charge payments? Where a Stanley lease has less than eighty years it will affect the value of the flat. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely require a lease extension sooner rather than later and it is worth finding out how much this would cost. For most Stanleylease extensions you would be required to have owned the property for a couple of years in order to be legally able to carry out a lease extension.

Other Topics

Lease Extensions in Stanley