I am on look out for some leasehold conveyancing in Stanley. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Stanley - then the leasehold title will always include the short particulars 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’m about to sell my 2 bed apartment in Stanley.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge demand – what should I do?

It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Stanley. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Stanley ?

The majority of houses in Stanley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Stanley in which case you should be shopping around for a Stanley conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Stanley which have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Stanley is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Stanley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

Last month I purchased a leasehold property in Stanley. Am I liable to pay service charges for periods before completion of my purchase?

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).

Stanley Leasehold Conveyancing - A selection of Queries before Purchasing

Be sure to find out if there are any onerous prohibitions in the lease. For instance some leases prohibit pets being permitted in certain buildings in Stanley. If you like the apartmentin Stanley yet your dog is not allowed to live with you then you have a very hard determination. You will want to discover as much as you can concerning the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the communal areas. Ask prospective neighbours if they are happy with them. On a final note, find out the dates that the service charges are due to the relevant party and specifically what you get for your money. Who is in charge of the building?

Other Topics

Lease Extensions in Stanley