Frequently asked questions relating to Fenny Stratford leasehold conveyancing
I am on look out for some leasehold conveyancing in Fenny Stratford. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Fenny Stratford - 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 wife and I may need to sub-let our Fenny Stratford ground floor flat for a while due to a career opportunity. We used a Fenny Stratford conveyancing practice in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
A lease dictates the relationship between the landlord and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Fenny Stratford do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Fenny Stratford. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Fenny Stratford ?
The majority of houses in Fenny Stratford are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Fenny Stratford so you should seriously consider looking for a Fenny Stratford conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
I am a negotiator for a long established estate agency in Fenny Stratford where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Fenny Stratford conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £250000 flat in Fenny Stratford on Tuesday in a week. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Fenny Stratford?
Fenny Stratford conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is demanded if you want to exchange contracts with the buyer.
Leasehold Conveyancing in Fenny Stratford - Sample of Queries Prior to buying
It is important to be aware whether changing the roof or some other major work is coming up that will be shared between the tenants and could well materially impact the level of the service fees or require a one time payment.
Is there a share of the freehold?
Plenty Fenny Stratford leasehold apartments will have a service bill for maintenance of the block levied by the management company. Should you purchase the apartment you will have to pay this charge, normally in instalments throughout the year. This may differ from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met yearly, this is usually not a large sum, say about £25-£75 but you should to check as on occasion it can be many hundreds of pounds.