Top Five Questions relating to Stockport leasehold conveyancing
I am in need of some leasehold conveyancing in Stockport. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - 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 68 years remaining on my lease in Stockport. I need to get lease extension but my landlord is can not be found. What are my options?
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 for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. In some cases an enquiry agent would be useful to try and locate and prepare a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Stockport.
My wife and I purchased a leasehold house in Stockport. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Stockport who previously acted has long since retired.What should I do?
First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Stockport conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a long established estate agency in Stockport where we have experienced a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Stockport conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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.
If all goes to plan we aim to complete our sale of a £500000 apartment in Stockport in just under a week. The management company has quoted £384 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Stockport?
Stockport conveyancing on leasehold apartments more often than not involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is technically not due. In reality one has little choice but to pay whatever is demanded should you wish to sell the property.
I bought a basement flat in Stockport, conveyancing formalities finalised 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Stockport with a long lease are worth £212,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2072
With 52 years left to run the likely cost is going to span between £34,200 and £39,600 as well as costs.
The suggested premium range 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 the figures in a Notice of Claim or as an informal offer. There may be 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 without first getting professional advice.