Stow on the Wold leasehold conveyancing Example Support Desk Enquiries
I have just appointed agents to market my 2 bed flat in Stow on the Wold.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – Do I pay up?
It best that you discharge 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 management companies 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. 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 reasonable figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Stow on the Wold. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Stow on the Wold are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear 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 check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I work for a long established estate agent office in Stow on the Wold where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Stow on the Wold conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
Can you offer any advice when it comes to appointing a Stow on the Wold conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Stow on the Wold conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Stow on the Wold conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
If all goes to plan we aim to complete the disposal of our £475000 maisonette in Stow on the Wold on Friday in a week. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Stow on the Wold?
For most leasehold sales in Stow on the Wold conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Stow on the Wold
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a garden flat in Stow on the Wold, conveyancing having been completed 2004. 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 Stow on the Wold with over 90 years remaining are worth £264,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2102
With just 77 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 plus legals.
The suggested premium range above a general guide to costs for renewing 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 concerns that need to be considered 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.
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