Fixed-fee leasehold conveyancing in Stockwood:

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Stockwood, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Stockwood leasehold conveyancing

I am on look out for some leasehold conveyancing in Stockwood. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is registered - and 99.9% 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.

I want to rent out my leasehold apartment in Stockwood. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A small minority of properties in Stockwood do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

Planning to exchange soon on a garden flat in Stockwood. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?

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

  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are pets allowed in the flat?
  • Whether the lease restricts you from subletting the property, or having a home office for business
  • Repair and maintenance of the flat
  • 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.
  • 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 For a comprehensive list of information to be contained in your report on your leasehold property in Stockwood please enquire of your lawyer in ahead of your conveyancing in Stockwood

    • I am tempted by the attractive purchase price for a two flats in Stockwood which have about fifty years unexpired on the leases. Will this present a problem?

    There is no doubt about it. A leasehold flat in Stockwood is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 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. 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 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.

    Do you have any advice for leasehold conveyancing in Stockwood from the perspective of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Stockwood can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
    • The majority landlords or managing agents in Stockwood levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Stockwood.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Stockwood state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. If you fail to have the approvals in place you should not communicate with the landlord without checking with your solicitor before hand.
  • A minority of Stockwood leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I own a basement flat in Stockwood, conveyancing was carried out 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Stockwood with over 90 years remaining are worth £174,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2087

    With only 63 years left to run we estimate the price of your lease extension to be between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered 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 getting professional advice.

    Other Topics

    Lease Extensions in Stockwood