Examples of recent questions relating to leasehold conveyancing in Stockwood
I am on look out for some leasehold conveyancing in Stockwood. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% 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 have recently realised that I have 62 years left on my flat in Stockwood. I need to extend my lease but my freeholder is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. On the whole an enquiry agent would be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Stockwood.
I am tempted by the attractive purchase price for a two apartments in Stockwood which have approximately 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Stockwood. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to extend the lease. This is why 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 because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
I am employed by a reputable estate agency in Stockwood where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Stockwood conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as 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 proposed purchaser can avoid having to sit tight for 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 disposal of the property.
An alternative approach is 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.
Can you provide any top tips for leasehold conveyancing in Stockwood with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Stockwood can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
- Many freeholders or Management Companies in Stockwood levy fees for supplying 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 common cause of frustration in leasehold conveyancing in Stockwood.
I invested in buying a studio flat in Stockwood, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Stockwood with a long lease are worth £247,000. The average or mid-range amount of ground rent is £65 yearly. The lease runs out on 21st October 2091
With just 68 years remaining on your lease we estimate the premium for your lease extension to range between £14,300 and £16,400 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.