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

Due to exchange soon on a garden flat in Fenny Stratford. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Fenny Stratford should include some of the following:

  • How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • The total extent of the property. This will be the flat itself but could also include a roof space or basement if applicable.
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Fenny Stratford please ask your solicitor in advance of your conveyancing in Fenny Stratford

  • I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since found out 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 lawyers have are about to be instructed. Will they explain the issues?

    The majority of houses in Fenny Stratford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Fenny Stratford so you should seriously consider looking for a Fenny Stratford conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

    Last month I purchased a leasehold property in Fenny Stratford. Do I have any liability for service charges for periods before completion of my purchase?

    Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you provide any top tips for leasehold conveyancing in Fenny Stratford with the intention of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Fenny Stratford can be reduced where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Fenny Stratford state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Should you dont have the consents to hand you should not contact the landlord without checking with your conveyancer in the first instance.
  • Some Fenny Stratford leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Obtaining a replacement share certificate can be a lengthy formality and delays many a Fenny Stratford conveyancing deal. If a new share certificate is required, do contact the company officers or managing agents (if applicable) for this as soon as possible.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £475000 garden flat in Fenny Stratford in nine days. The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Fenny Stratford?

    Fenny Stratford conveyancing on leasehold maisonettes usually results in fees being levied by management companies :

    • Answering pre-contract questions
    • Where consent is required before sale in Fenny Stratford
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Fenny Stratford leasehold premises is £350. For Fenny Stratford conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

    I invested in buying a split level flat in Fenny Stratford, conveyancing having been completed in 2004. Can you work out an approximate cost of a lease extension? Comparable flats in Fenny Stratford with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ceases on 21st October 2091

    You have 71 years unexpired the likely cost is going to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Fenny Stratford