Common questions relating to Stow on the Wold leasehold conveyancing
I am intending to sublet my leasehold apartment in Stow on the Wold. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Stow on the Wold do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see 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 permission.
I only have 62 years unexpired on my lease in Stow on the Wold. I need to extend my lease but my landlord is can not be found. What should I do?
On the basis that you qualify, 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 enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the lessor. In some cases an enquiry agent would be helpful to carry out a search and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Stow on the Wold.
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Stow on the Wold. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Stow on the Wold are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Stow on the Wold in which case you should be shopping around for a Stow on the Wold conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I work for a reputable estate agent office in Stow on the Wold where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Stow on the Wold conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. 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.
Alternatively, it may be possible 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.
Do you have any advice for leasehold conveyancing in Stow on the Wold from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Stow on the Wold can be reduced if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
- Many freeholders or managing agents in Stow on the Wold levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Stow on the Wold.
I acquired a 1st floor flat in Stow on the Wold, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Stow on the Wold with an extended lease are worth £178,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2087
You have 66 years unexpired we estimate the price of your lease extension to be between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.