Sample questions relating to Stansted leasehold conveyancing
Expecting to sign contracts shortly on a basement flat in Stansted. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Stansted should include some of the following:
- You should receive a copy of the lease
I am looking at a couple of flats in Stansted which have in the region of forty five years remaining on the lease term. should I be concerned?
There are plenty of short leases in Stansted. The lease is a right to use the premises for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area
What are your top tips when it comes to finding a Stansted conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Stansted conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Stansted conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Stansted with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Stansted can be bypassed if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
- The majority freeholders or managing agents in Stansted charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Stansted.
All being well we will complete our sale of a £225000 apartment in Stansted next Monday . The management company has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Stansted?
Stansted conveyancing on leasehold maisonettes normally necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to do so. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I own a 2 bed flat in Stansted, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Stansted with over 90 years remaining are worth £182,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2081
With just 58 years left to run we estimate the premium for your lease extension to range between £22,800 and £26,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.