Stockport leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Stockport. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most 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.
I am hoping to sign contracts shortly on a leasehold property in Stockport. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Stockport should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I've recently bought a leasehold flat in Stockport. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
I work for a long established estate agency in Stockport where we have witnessed a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Stockport conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension formalities 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 the sale of our £450000 apartment in Stockport next Monday . The landlords agents has quoted £372 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Stockport?
For the majority of leasehold sales in Stockport conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing conveyancing due diligence questions
- Where consent is required before sale in Stockport
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Stockport Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
Who takes responsibility for maintaining and repairing the block?
Where a Stockport lease has no more than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of what this will be. For most Stockportlease extensions you will need to own the residence for 24 months before you are eligible to extend the lease.
How many of the leaseholders are in arrears for their maintenance charge payments?