Examples of recent questions relating to leasehold conveyancing in Stapleton
I am in need of some leasehold conveyancing in Stapleton. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is registered - and most are in Stapleton - 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 have recently realised that I have 68 years unexpired on my flat in Stapleton. I am keen to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have made all reasonable attempts to track down the lessor. On the whole an enquiry agent would be helpful to conduct investigations and to produce 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 disappearance and the application to the County Court overseeing Stapleton.
I have just started marketing my garden apartment in Stapleton.Conveyancing has not commenced but I have just received a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should 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 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. This will smooth the conveyancing process.
I am employed by a reputable estate agency in Stapleton where we see a number of leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Stapleton conveyancing firms. Please can you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Can you provide any advice for leasehold conveyancing in Stapleton with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Stapleton can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority landlords or Management Companies in Stapleton charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Stapleton.
I own a leasehold flat in Stapleton, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Stapleton with a long lease are worth £225,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2089
You have 68 years remaining on your lease we estimate the premium for your lease extension to be between £11,400 and £13,200 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 supply a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.