Fixed-fee leasehold conveyancing in Stockwood:

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When it comes to leasehold conveyancing in Stockwood, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your lender is to be Santander, Yorkshire Building Society or Nationwide be sure to find a lawyer on their approved list. Feel free to use our search tool

Frequently asked questions relating to Stockwood leasehold conveyancing

Looking forward to sign contracts shortly on a leasehold property in Stockwood. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Stockwood should include some of the following:

  • You should receive a copy of the lease
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Stockwood please ask your conveyancer in ahead of your conveyancing in Stockwood

    • I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Stockwood. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Stockwood ?

    The majority of houses in Stockwood are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Stockwood so you should seriously consider shopping around for a Stockwood conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.

    Back In 2003, I bought a leasehold flat in Stockwood. Conveyancing and Britannia mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Stockwood who previously acted has long since retired.What should I do?

    The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Stockwood conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am looking at a couple of apartments in Stockwood both have about 50 years left on the lease term. Do I need to be concerned?

    There are no two ways about it. A leasehold apartment in Stockwood is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with less than 75 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 premises 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 a residence 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.

    Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £500000 flat in Stockwood next Wednesday . The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Stockwood?

    Stockwood conveyancing on leasehold maisonettes often requires the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They are at liberty invoice a reasonable administration fee for answering questions 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 situations it is in excess of £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    I inherited a ground floor flat in Stockwood, conveyancing was carried out in 2011. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Stockwood with an extended lease are worth £184,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2081

    With 55 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 as well as costs.

    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 detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be 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 before seeking the advice of a professional.

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    Lease Extensions in Stockwood