Having had my offer accepted I require leasehold conveyancing in Stapleton. Before I get started I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most 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.

I am attracted to a couple of apartments in Stapleton which have about forty five years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Stapleton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stapleton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am a negotiator for a long established estate agency in Stapleton where we see a number of flat sales derailed due to short leases. I have been given inconsistent advice from local Stapleton conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as 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. This means that the proposed purchaser need not have 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 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 purchaser.

Can you provide any advice for leasehold conveyancing in Stapleton from the perspective of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Stapleton can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
• The majority landlords or managing agents in Stapleton charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought 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 usual cause of frustration in leasehold conveyancing in Stapleton.

Completion in due on our sale of a £325000 garden flat in Stapleton in just under a week. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Stapleton?

Stapleton conveyancing on leasehold flats usually necessitates the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded should you wish to complete the sale of your home.

Stapleton Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing

This question is helpful as a) areas can cause problems for the block as the communal areas may start to deteriorate if services are not paid for b) if the tenants have an issue with the running of the building you will want to know about it You should want to find out as much as you can concerning the managing agents as they can either make life much simpler or a lot more difficult. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to practical matters such as the upkeep of the common parts. Don't be afraid to ask prospective neighbours what they think of their management. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money. Is there a share of the freehold?

Other Topics

Lease Extensions in Stapleton