Recently asked questions relating to Stapleton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Stapleton. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Stapleton - then the leasehold title will always include the basic details 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.
Looking forward to sign contracts shortly on a garden flat in Stapleton. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Stapleton should include some of the following:
- You should receive a copy of the lease
I am employed by a busy estate agency in Stapleton where we have witnessed a number of flat sales derailed due to short leases. I have received conflicting advice from local Stapleton conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease 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 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 simultaneously with completion of the sale.
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 buyer.
Can you offer any advice when it comes to appointing a Stapleton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Stapleton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Stapleton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Stapleton who can give a testimonial?
Can you provide any advice for leasehold conveyancing in Stapleton with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Stapleton can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers lawyers.
- The majority landlords or managing agents in Stapleton charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Stapleton.
I own a split level flat in Stapleton, conveyancing was carried out in 1999. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Stapleton with over 90 years remaining are worth £166,000. The average or mid-range amount of ground rent is £65 per annum. The lease finishes on 21st October 2092
You have 70 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.