Questions and Answers: Stow on the Wold leasehold conveyancing
Expecting to sign contracts shortly on a ground floor flat in Stow on the Wold. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Stow on the Wold should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
I work for a busy estate agency in Stow on the Wold where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Stow on the Wold conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
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. The benefit of this is that the buyer 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 simultaneously with 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.
Can you offer any advice when it comes to finding a Stow on the Wold conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Stow on the Wold conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Stow on the Wold conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Stow on the Wold with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Stow on the Wold can be reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
- The majority landlords or Management Companies in Stow on the Wold levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Stow on the Wold.
What makes a Stow on the Wold lease problematic?
There is nothing unique about leasehold conveyancing in Stow on the Wold. Most leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have 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. Lloyds TSB Bank, The Mortgage Works, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I invested in buying a basement flat in Stow on the Wold, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Stow on the Wold with an extended lease are worth £261,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2089
With 67 years left to run the likely cost is going to range between £12,400 and £14,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.