Frequently asked questions relating to Stalybridge leasehold conveyancing
I want to rent out my leasehold flat in Stalybridge. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Some leases for properties in Stalybridge do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests 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 permission.
Looking forward to sign contracts shortly on a leasehold property in Stalybridge. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Stalybridge should include some of the following:
- You should be told what constitutes a Nuisance in the lease
My wife and I purchased a leasehold house in Stalybridge. Conveyancing and Yorkshire Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Stalybridge who acted for me is not around.What should I do?
First contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Stalybridge conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of apartments in Stalybridge which have approximately 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area
I am employed by a reputable estate agency in Stalybridge where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Stalybridge conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
I own a 1 bedroom flat in Stalybridge, conveyancing having been completed 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Stalybridge with over 90 years remaining are worth £229,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2080
With just 56 years unexpired we estimate the premium for your lease extension to span between £27,600 and £31,800 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 a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you 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.
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