Common questions relating to Stockwood leasehold conveyancing
There are only 68 years unexpired on my lease in Stockwood. I am keen to extend my lease but my landlord is missing. 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 apply 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. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent may be helpful to conduct investigations and prepare an expert document to be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Stockwood.
Due to sign contracts shortly on a basement flat in Stockwood. Conveyancing lawyers inform me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Stockwood should include some of the following:
- You should receive a copy of the lease
I’m about to sell my ground floor flat in Stockwood.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – what should I do?
It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Stockwood. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Stockwood are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Stockwood so you should seriously consider shopping around for a Stockwood conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.
I am looking at a couple of flats in Stockwood both have approximately fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Stockwood. The lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea 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 properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area
I bought a leasehold flat in Stockwood, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Stockwood with over 90 years remaining are worth £258,000. The ground rent is £65 charged once a year. The lease expires on 21st October 2074
You have 51 years remaining on your lease the likely cost is going to be between £36,100 and £41,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.