Sample questions relating to Stockwood leasehold conveyancing
I wish to let out my leasehold flat in Stockwood. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Stockwood conveyancing lawyer is no longer around you can check your lease to see if you are permitted to let out the property. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you are obliged to obtain consent from your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet without prior consent. Such consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord for their consent.
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Stockwood. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Stockwood are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Stockwood in which case you should be looking for a Stockwood conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I am looking at a couple of apartments in Stockwood both have about forty five years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Stockwood is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. 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 Stockwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
What advice can you give us when it comes to choosing a Stockwood conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Stockwood conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Stockwood conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How many lease extensions has the firm carried out in Stockwood in the last year?
Completion in due on the disposal of our £275000 maisonette in Stockwood next week. The freeholder has quoted £312 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Stockwood?
Stockwood conveyancing on leasehold apartments typically results in administration charges raised by managing agents :
- Addressing pre-exchange questions
- Where consent is required before sale in Stockwood
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a 1 bedroom flat in Stockwood, conveyancing was carried out 2000. Can you work out an approximate cost of a lease extension? Corresponding flats in Stockwood with an extended lease are worth £264,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2103
You have 78 years unexpired the likely cost is going to be between £11,400 and £13,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
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