Examples of recent questions relating to leasehold conveyancing in Stroud
Having had my offer accepted I require leasehold conveyancing in Stroud. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Stroud - 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.
My fiance and I may need to sub-let our Stroud garden flat for a while due to a new job. We instructed a Stroud conveyancing firm in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Stroud do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates 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 consent.
There are only Sixty One years unexpired on my lease in Stroud. I now wish to get lease extension but my landlord is absent. What are my options?
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 mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. For most situations an enquiry agent should be useful to carry out a search and prepare an expert document which can be used as proof that the landlord is indeed missing. 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 Stroud.
I am attracted to a two maisonettes in Stroud which have in the region of forty five years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Stroud is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. On a more positive 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 a residence 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 Stroud conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Do you have any advice for leasehold conveyancing in Stroud from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Stroud can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
- Many freeholders or managing agents in Stroud levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. 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 Stroud.
I bought a leasehold flat in Stroud, conveyancing was carried out 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Stroud with a long lease are worth £235,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2076
You have 53 years remaining on your lease we estimate the price of your lease extension to span between £35,200 and £40,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed 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 should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.