Recently asked questions relating to Stanwick leasehold conveyancing
I have recently realised that I have 68 years unexpired on my flat in Stanwick. I am keen to get lease extension but my freeholder is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have done all that could be expected to locate the freeholder. For most situations a specialist would be helpful to try and locate and to produce a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court covering Stanwick.
Due to exchange soon on a garden flat in Stanwick. Conveyancing lawyers 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 Stanwick should include some of the following:
- The total extent of the premises. This will be the apartment itself but might incorporate a loft or cellar if appropriate.
I have just appointed agents to market my 2 bed flat in Stanwick.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – 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 managing agents 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 hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Stanwick. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Stanwick ?
Most houses in Stanwick are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Stanwick so you should seriously consider shopping around for a Stanwick conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.
I am employed by a long established estate agency in Stanwick where we have witnessed a few leasehold sales put at risk due to short leases. I have received inconsistent advice from local Stanwick conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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.
I inherited a basement flat in Stanwick, conveyancing formalities finalised 2006. How much will my lease extension cost? Comparable properties in Stanwick with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2099
You have 74 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
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