Frequently asked questions relating to Stretford leasehold conveyancing
I am in need of some leasehold conveyancing in Stretford. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and almost all are in Stretford - then the leasehold title will always include the basic details 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.
I want to sublet my leasehold flat in Stretford. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Your lease governs relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Stretford do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Stretford. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Stretford ?
Most houses in Stretford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Stretford in which case you should be shopping around for a Stretford conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.
Back In 2001, I bought a leasehold house in Stretford. Conveyancing and National Westminster Bank mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Stretford who previously acted has long since retired.What should I do?
The first thing you should do is contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Stretford conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in Stretford both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Stretford is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stretford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a studio flat in Stretford, conveyancing formalities finalised 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Stretford with a long lease are worth £212,000. The ground rent is £60 invoiced annually. The lease terminates on 21st October 2077
With just 51 years unexpired the likely cost is going to span between £38,000 and £44,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. 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. Please do not move forward placing reliance on this information without first getting professional advice.
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