Recently asked questions relating to Stapleton leasehold conveyancing
There are only 68 years left on my lease in Stapleton. I now want to extend my lease but my freeholder is missing. 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you have done all that could be expected to locate the landlord. On the whole an enquiry agent may be useful to try and locate and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Stapleton.
I am a negotiator for a long established estate agent office in Stapleton where we have experienced a few leasehold sales derailed due to short leases. I have been given conflicting advice from local Stapleton conveyancing solicitors. Can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
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 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 before, or at the same time as completion of the sale.
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 purchaser.
What advice can you give us when it comes to finding a Stapleton conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Stapleton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Stapleton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Completion in due on our sale of a £400000 maisonette in Stapleton in 5 days. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Stapleton?
Stapleton conveyancing on leasehold maisonettes often involves the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They are entitled charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
What makes a Stapleton lease unmortgageable?
There is nothing unique about leasehold conveyancing in Stapleton. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
Stapleton Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
Does the lease have onerous restrictions?
What is the length of the lease?
On the whole the outlay for major works tend not to be incorporated into the service charges, although there some managing agents in Stapleton ask leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance.