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Questions and Answers: Stockwood leasehold conveyancing

I am in need of some leasehold conveyancing in Stockwood. Before I set the wheels in motion I would like to find out the remaining lease term.

Assuming the lease is registered - and almost all are in Stockwood - then the leasehold title will always include the basic details 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 would like to let out my leasehold apartment in Stockwood. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

A lease governs relations between the landlord and you the leaseholder; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Stockwood do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I have just started marketing my basement apartment in Stockwood.Conveyancing has not commenced but I have just had a half-yearly maintenance charge invoice – what should I do?

The sensible thing to do is 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 unless 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 own a leasehold house in Stockwood. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Stockwood who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Stockwood conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, 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 Stockwood where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Stockwood conveyancing firms. Could you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

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. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

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.

I bought a 2 bed flat in Stockwood, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Stockwood with over 90 years remaining are worth £254,000. The ground rent is £60 invoiced every year. The lease expires on 21st October 2092

With 68 years left to run we estimate the premium for your lease extension to be between £15,200 and £17,600 plus legals.

The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

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Lease Extensions in Stockwood