Experts for Leasehold Conveyancing in Stanstead Abbotts

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Examples of recent questions relating to leasehold conveyancing in Stanstead Abbotts

I only have 68 years unexpired on my lease in Stanstead Abbotts. I am keen to extend my lease but my freeholder is absent. What should I do?

If 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 enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. For most situations a specialist should be useful to try and locate and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Stanstead Abbotts.

Planning to exchange soon on a leasehold property in Stanstead Abbotts. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Stanstead Abbotts should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Whether the lease restricts you from subletting the flat, or having a home office for business
  • You must be told what counts as a Nuisance in the lease
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in Stanstead Abbotts please enquire of your solicitor in advance of your conveyancing in Stanstead Abbotts

    • I am tempted by the attractive purchase price for a two flats in Stanstead Abbotts both have approximately forty five years left on the lease term. Will this present a problem?

    A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field

    Can you offer any advice when it comes to appointing a Stanstead Abbotts conveyancing practice to deal with our lease extension?

    When appointing a conveyancer for lease extension works (regardless if they are a Stanstead Abbotts conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Stanstead Abbotts conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

    • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Stanstead Abbotts who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Stanstead Abbotts with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Stanstead Abbotts can be bypassed if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
    • The majority landlords or managing agents in Stanstead Abbotts levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Stanstead Abbotts.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the Management Company, you should make sure that you have the original share document. Organising a duplicate share certificate is often a lengthy process and frustrates many a Stanstead Abbotts home move. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a studio flat in Stanstead Abbotts, conveyancing was carried out 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Stanstead Abbotts with a long lease are worth £265,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2091

    With 66 years unexpired we estimate the premium for your lease extension to be between £12,400 and £14,200 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 cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Stanstead Abbotts