Questions and Answers: Stockwood leasehold conveyancing
I am in need of some leasehold conveyancing in Stockwood. Before diving in I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Stockwood - then the leasehold title will always include the short particulars 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.
There are only Fifty years remaining on my flat in Stockwood. I am keen to extend my lease but my freeholder is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have used your best endeavours to locate the lessor. On the whole an enquiry agent would be useful to carry out a search and to produce a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Stockwood.
Due to complete next month on a studio apartment in Stockwood. Conveyancing solicitors inform me that they report fully 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:
- The total extent of the demise. This will be the flat itself but may incorporate a roof space or basement if applicable.
Estate agents have just been given the go-ahead to market my basement apartment in Stockwood.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?
The sensible thing to do is clear the invoice 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 management companies 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. This will smooth the conveyancing process.
I've recently bought a leasehold property in Stockwood. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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).
I inherited a basement flat in Stockwood, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Stockwood with a long lease are worth £178,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2092
You have 72 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.