Questions and Answers: Stockport leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Stockport. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Stockport - 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.
There are only 72 years left on my flat in Stockport. I need to extend my lease but my landlord is can not be found. What should I do?
On the basis that 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 mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the lessor. On the whole an enquiry agent may be useful to carry out a search and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the application to the County Court covering Stockport.
Expecting to sign contracts shortly on a leasehold property in Stockport. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Stockport should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
Do you have any top tips for leasehold conveyancing in Stockport from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Stockport can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
- The majority landlords or Management Companies in Stockport levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Stockport.
What makes a Stockport lease defective?
Leasehold conveyancing in Stockport is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- 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 will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I invested in buying a studio flat in Stockport, conveyancing formalities finalised 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Stockport with over 90 years remaining are worth £211,000. The ground rent is £60 invoiced every year. The lease ceases on 21st October 2098
You have 78 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.