Frequently asked questions relating to Stretford leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Stretford. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Stretford - 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.
Expecting to complete next month on a ground floor flat in Stretford. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Stretford should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Does the lease prevent you from renting out the property, or having a home office for business
- You need to be told what constitutes a Nuisance in the lease
- Changes to the flat (alterations and additions)
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
- What options are open to you if a neighbour breach a clause of their lease?
Estate agents have just been given the go-ahead to market my ground floor apartment in Stretford.Conveyancing has not commenced but I have just had a half-yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 until 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. This will smooth the conveyancing process.
Back In 2009, I bought a leasehold flat in Stretford. Conveyancing and Birmingham Midshires mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Stretford who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Stretford conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Stretford which have about fifty years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Stretford is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. 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 property 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 any new 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.
Stretford Leasehold Conveyancing - Examples of Queries Prior to buying
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For most Stretford leaseholds the outlay for major works are not included within service charges, albeit that a few managing agents in Stretford require leasehold owners to contribute towards a reserve fund created for the specific intention of building a fund for larger repairs or maintenance.
How much is the annual maintenance fee and ground rent?