Stotfold leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Stotfold. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Stotfold - then the leasehold title will always include the short particulars 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.
Having checked my lease I have discovered that there are only Fifty years unexpired on my flat in Stotfold. I now want to extend my lease but my freeholder is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to track down the lessor. In some cases a specialist would be helpful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Stotfold.
Last month I purchased a leasehold house in Stotfold. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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 be sure 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 our sale of a £325000 maisonette in Stotfold next Wednesday . The freeholder has quoted £336 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Stotfold?
Stotfold conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They may invoice a reasonable administration fee for responding to 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 transactions it is in excess of £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the charge is technically not due. In reality one has little option but to pay whatever is demanded should you wish to complete the sale of your home.
Are there frequently found defects that you come across in leases for Stotfold properties?
Leasehold conveyancing in Stotfold is not unique. All leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I purchased a studio flat in Stotfold, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Stotfold with over 90 years remaining are worth £196,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2089
You have 66 years left to run we estimate the price of your lease extension to span between £11,400 and £13,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.