Stansted leasehold conveyancing Example Support Desk Enquiries
My husband and I may need to rent out our Stansted basement flat temporarily due to a career opportunity. We instructed a Stansted conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Stansted do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I’m about to sell my garden apartment in Stansted.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – Do I pay up?
It best that you discharge the invoice 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 unless 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 am a negotiator for a reputable estate agent office in Stansted where we have witnessed a few leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Stansted conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you offer any advice when it comes to appointing a Stansted conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Stansted conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Stansted conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £500000 maisonette in Stansted next Monday . The managing agents has quoted £300 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Stansted?
Stansted conveyancing on leasehold apartments more often than not requires the purchaser’s solicitor sending questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to assist. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I purchased a 2 bed flat in Stansted, conveyancing having been completed in 2005. How much will my lease extension cost? Corresponding properties in Stansted with an extended lease are worth £226,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2085
With just 65 years unexpired the likely cost is going to be between £13,300 and £15,400 as well as 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 advice on a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.