Examples of recent questions relating to leasehold conveyancing in Stockport
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Stockport. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Stockport ?
The majority of houses in Stockport are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Stockport so you should seriously consider shopping around for a Stockport conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I am attracted to a two maisonettes in Stockport both have approximately 50 years left on the lease term. should I be concerned?
There are plenty of short leases in Stockport. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
Last month I purchased a leasehold flat in Stockport. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to choosing a Stockport conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Stockport conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Stockport conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- How many lease extensions has the firm completed in Stockport in the last 12 months?
Are there frequently found problems that you come across in leases for Stockport properties?
There is nothing unique about leasehold conveyancing in Stockport. All leases are unique and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Bank of Scotland, and Alliance & Leicester 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 is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I bought a 1 bedroom flat in Stockport, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Stockport with a long lease are worth £200,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease comes to an end on 21st October 2081
You have 59 years remaining on your lease we estimate the price of your lease extension to range between £20,900 and £24,200 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.