Frequently asked questions relating to Stotfold leasehold conveyancing
Jane (my partner) and I may need to sub-let our Stotfold 1st floor flat temporarily due to a new job. We used a Stotfold conveyancing firm in 2003 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Stotfold do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to 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 permission.
I’m about to sell my ground floor flat in Stotfold.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear 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 managing agents 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. This will smooth the conveyancing process.
I've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Stotfold. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Stotfold ?
Most houses in Stotfold are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Stotfold so you should seriously consider looking for a Stotfold conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.
My wife and I purchased a leasehold house in Stotfold. Conveyancing and Accord Mortgages Ltd mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Stotfold who previously acted has now retired.What should I do?
First make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Stotfold conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am employed by a reputable estate agent office in Stotfold where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Stotfold conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 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.
An alternative approach is to agree the lease extension with the freeholder 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.
I am the registered owner of a basement flat in Stotfold, conveyancing was carried out half a dozen 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? Similar properties in Stotfold with an extended lease are worth £175,000. The ground rent is £45 per annum. The lease ceases on 21st October 2083
You have 57 years left to run the likely cost is going to range between £22,800 and £26,400 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.