Frequently asked questions relating to Stonehouse leasehold conveyancing
I am on look out for some leasehold conveyancing in Stonehouse. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Stonehouse - 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 just started marketing my ground floor flat in Stonehouse.Conveyancing is yet to be initiated but I have just received a half-yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 until 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. This will smooth the conveyancing process.
Back In 2000, I bought a leasehold flat in Stonehouse. Conveyancing and Santander mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Stonehouse who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Stonehouse conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two apartments in Stonehouse which have about 50 years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
Completion in due on the disposal of our £425000 apartment in Stonehouse next week. The management company has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Stonehouse?
Stonehouse conveyancing on leasehold maisonettes usually requires the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be content to do so. They are entitled levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality one has little option but to pay whatever is requested of you if you want to complete the sale of your home.
I am the registered owner of a 2 bed flat in Stonehouse, conveyancing formalities finalised in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Stonehouse with over 90 years remaining are worth £235,000. The ground rent is £55 yearly. The lease expires on 21st October 2089
With 64 years unexpired we estimate the price of your lease extension to span between £18,100 and £20,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
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