Questions and Answers: Stockwood leasehold conveyancing
I am on look out for some leasehold conveyancing in Stockwood. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most 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 am hoping to complete next month on a leasehold property in Stockwood. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Stockwood should include some of the following:
- You should be sent a copy of the lease
My wife and I purchased a leasehold flat in Stockwood. Conveyancing and Aldermore mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Stockwood who previously acted has long since retired.Do I pay?
The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Stockwood conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Stockwood both have approximately forty five years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Stockwood is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat 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 property 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. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.
Can you offer any advice when it comes to finding a Stockwood conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (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 talk with two or three 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 might be helpful:
- If the firm is not ALEP accredited then why not?
Leasehold Conveyancing in Stockwood - A selection of Queries before buying
If a Stockwood lease has less than eighty years it will affect the value of the flat. Check with your lender that they are content with remaining years on the lease. A short lease means that you will most likely require a lease extension at some point and it is worth finding out what this would cost. For most Stockwoodlease extensions you would be required to have been the owner of the property for two years before you are eligible to carry out a lease extension.
How is the lease structured?
Make sure you investigate if there are any onerous prohibitions in the lease. For instance some leases prohibit pets being allowed in certain buildings in Stockwood. If you like the flatin Stockwood yet your dog can’t make the move with you then you have a very difficult compromise.