Stoke Poges leasehold conveyancing: Q and A’s
I have just appointed agents to market my basement apartment in Stoke Poges.Conveyancing has not commenced but I have just had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.
I own a leasehold house in Stoke Poges. Conveyancing and Skipton Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Stoke Poges who acted for me is not around.Any advice?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Stoke Poges conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Stoke Poges which have in the region of fifty years remaining on the lease term. should I be concerned?
There are plenty of short leases in Stoke Poges. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
I work for a reputable estate agency in Stoke Poges where we see a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Stoke Poges 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?
Provided that the seller has owned the lease 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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 offer any advice when it comes to finding a Stoke Poges conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Stoke Poges conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Stoke Poges 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 familiar is the practice with lease extension legislation?
I bought a split level flat in Stoke Poges, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Stoke Poges with a long lease are worth £251,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ends on 21st October 2096
With only 71 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
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