Recently asked questions relating to Stockwood leasehold conveyancing
I've found a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Stockwood. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Stockwood are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Stockwood so you should seriously consider looking for a Stockwood conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
I've recently bought a leasehold house in Stockwood. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
What are your top tips when it comes to choosing a Stockwood conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Stockwood conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Stockwood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- If the firm is not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Stockwood with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Stockwood can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
- Many landlords or managing agents in Stockwood charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Stockwood.
Completion in due on the sale of our £125000 apartment in Stockwood in nine days. The freeholder has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Stockwood?
Stockwood conveyancing on leasehold maisonettes often requires the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be willing to assist. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I am the registered owner of a 2 bed flat in Stockwood, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Stockwood with an extended lease are worth £185,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2093
With only 70 years left to run the likely cost is going to be between £10,500 and £12,000 as well as professional fees.
The figure 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 due diligence. You should not use this information in tribunal or court proceedings. 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 take any other action placing reliance on this information before seeking the advice of a professional.