Recently asked questions relating to Stony Stratford leasehold conveyancing
My fiance and I may need to let out our Stony Stratford ground floor flat for a while due to a career opportunity. We instructed a Stony Stratford conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Stony Stratford 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 suggests 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.
Estate agents have just been given the go-ahead to market my 2 bed flat in Stony Stratford.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge invoice – what should I do?
The sensible thing to do is pay 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Stony Stratford. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Stony Stratford are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Stony Stratford in which case you should be shopping around for a Stony Stratford conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.
Last month I purchased a leasehold property in Stony Stratford. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
All being well we will complete the sale of our £500000 maisonette in Stony Stratford in just under a week. The management company has quoted £348 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Stony Stratford?
Stony Stratford conveyancing on leasehold apartments often involves the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be content to do so. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
I invested in buying a studio flat in Stony Stratford, conveyancing formalities finalised 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Stony Stratford with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2088
With 63 years left to run we estimate the price of your lease extension to range between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
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