Sample questions relating to Stanley leasehold conveyancing
My fiance and I may need to sub-let our Stanley ground floor flat for a while due to a career opportunity. We used a Stanley conveyancing practice in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Stanley conveyancing lawyer is no longer around you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you must obtain consent from your landlord or some other party prior to subletting. This means you not allowed to sublet without prior consent. The consent must not not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord for their consent.
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Stanley. I now wish to extend my lease but my landlord is can not be found. What are my options?
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 lengthened by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to find the freeholder. For most situations an enquiry agent would be useful to carry out a search and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court covering Stanley.
Expecting to sign contracts shortly on a leasehold property in Stanley. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Stanley should include some of the following:
- Does the lease prevent you from letting out the property, or having a home office for business
Last month I purchased a leasehold property in Stanley. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in Stanley from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Stanley can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
- Many freeholders or Management Companies in Stanley charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Stanley.
I am the registered owner of a 2 bed flat in Stanley, conveyancing was carried out 3 years ago. How much will my lease extension cost? Equivalent flats in Stanley with over 90 years remaining are worth £225,000. The ground rent is £45 yearly. The lease ends on 21st October 2102
With just 79 years unexpired we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.