Recently asked questions relating to Stroud leasehold conveyancing
I am in need of some leasehold conveyancing in Stroud. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in Stroud - 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 wish to sublet my leasehold apartment in Stroud. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
The lease dictates relations between the freeholder and you the leaseholder; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Stroud do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in Stroud. I now want to get lease extension but my freeholder is can not be found. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order 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 find the freeholder. On the whole a specialist may be useful to try and locate and to produce an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Stroud.
Expecting to sign contracts shortly on a ground floor flat in Stroud. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Stroud should include some of the following:
- You should receive a copy of the lease
If all goes to plan we aim to complete the sale of our £275000 apartment in Stroud on Thursday in a week. The managing agents has quoted £372 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Stroud?
Stroud conveyancing on leasehold apartments often necessitates the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be willing to do so. They are at liberty invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to sell the property.
I own a 1st floor flat in Stroud, conveyancing was carried out 8 years ago. 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? Comparable flats in Stroud with a long lease are worth £193,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2086
With just 63 years remaining on your lease we estimate the premium for your lease extension to range between £16,200 and £18,600 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
Other Topics