Sample questions relating to 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.
Assuming the lease is registered - and almost all 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.
Having checked my lease I have discovered that there are only 72 years left on my flat in Stockwood. I now wish to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the landlord. On the whole an enquiry agent would be useful to carry out a search and to produce a report to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Stockwood.
I am employed by a long established estate agent office in Stockwood where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Stockwood conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 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.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
What are your top tips when it comes to finding a Stockwood conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Stockwood conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Stockwood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How experienced is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in Stockwood from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Stockwood can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ representatives.
- Many freeholders or Management Companies in Stockwood levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Stockwood.
I bought a leasehold flat in Stockwood, conveyancing was carried out 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Stockwood with over 90 years remaining are worth £190,000. The ground rent is £55 yearly. The lease expires on 21st October 2094
With 73 years unexpired the likely cost is going to span between £7,600 and £8,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures 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 take any other action based on this information without first getting professional advice.