Leasehold Conveyancing in Fenny Stratford - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Fenny Stratford leasehold conveyancing

I only have 72 years left on my flat in Fenny Stratford. I need to get lease extension but my landlord is can not be found. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the landlord. For most situations a specialist would be useful to conduct investigations and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Fenny Stratford.

I am looking at a couple of flats in Fenny Stratford which have approximately fifty years remaining on the leases. Will this present a problem?

There are plenty of short leases in Fenny Stratford. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

Can you provide any advice for leasehold conveyancing in Fenny Stratford with the purpose of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Fenny Stratford can be bypassed where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
  • The majority landlords or Management Companies in Fenny Stratford levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Fenny Stratford.
  • Some Fenny Stratford leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a new share certificate is often a time consuming formality and slows down many a Fenny Stratford conveyancing transaction. Where a reissued share certificate is required, do contact the company officers or managing agents (where applicable) for this as soon as possible.

  • If all goes to plan we aim to complete the sale of our £175000 apartment in Fenny Stratford next week. The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Fenny Stratford?

    Fenny Stratford conveyancing on leasehold flats often requires the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to assist. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to sell the property.

    What makes a Fenny Stratford lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Fenny Stratford. All leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Barnsley Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

    I invested in buying a 1 bedroom flat in Fenny Stratford, conveyancing having been completed 6 years ago. How much will my lease extension cost? Comparable flats in Fenny Stratford with an extended lease are worth £240,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2087

    You have 65 years unexpired we estimate the price of your lease extension to range between £13,300 and £15,400 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Fenny Stratford