Questions and Answers: Stony Stratford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Stony Stratford. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Stony Stratford - 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.
My wife and I purchased a leasehold flat in Stony Stratford. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Stony Stratford who acted for me is not around.What should I do?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Stony Stratford conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Stony Stratford which have in the region of forty five years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Stony Stratford is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Stony Stratford 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 the agreed 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 top tips for leasehold conveyancing in Stony Stratford from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Stony Stratford can be bypassed if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
- Many landlords or managing agents in Stony Stratford charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Stony Stratford.
Completion in due on our sale of a £475000 maisonette in Stony Stratford in seven days. The landlords agents has quoted £396 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Stony Stratford?
Stony Stratford conveyancing on leasehold apartments often necessitates the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They are entitled levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I bought a 1st floor flat in Stony Stratford, conveyancing formalities finalised 10 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Stony Stratford with a long lease are worth £170,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2077
With 57 years left to run the likely cost is going to range between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs 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. Please do not move forward based on this information before getting professional advice.