I am on look out for some leasehold conveyancing in Fenny Stratford. Before I get started I want to be sure as to the remaining lease term.

If the lease is registered - and most 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.

I work for a reputable estate agent office in Fenny Stratford where we have witnessed a number of flat sales put at risk due to short leases. I have received conflicting advice from local Fenny Stratford conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. 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.

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.

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

• A significant proportion of the frustration in leasehold conveyancing in Fenny Stratford can be bypassed where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Fenny Stratford leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such changes. If you dont have the approvals to hand you should not contact the landlord without checking with your solicitor first.

If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unsettled.

If you hold a share in a the freehold, you should ensure that you hold the original share document. Organising a new share certificate can be a lengthy formality and frustrates many a Fenny Stratford conveyancing transaction. If a duplicate share is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.

You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

If all goes to plan we aim to complete our sale of a £225000 apartment in Fenny Stratford on Friday in a week. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Fenny Stratford?

For the majority of leasehold sales in Fenny Stratford conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence 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 property 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 obliged to provide answers.

What makes a Fenny Stratford lease defective?

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

• Repairing obligations 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

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Bank of Ireland all have very detailed 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 provide security, forcing the purchaser to pull out.

Fenny Stratford Leasehold Conveyancing - Examples of Questions you should consider before buying

It would be wise to find out as much as you can regarding the company managing the block as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to every day matters such as the tidiness of the common parts. Ask prospective neighbours what they think of their service. Finally, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what you get for your money. For most Fenny Stratford leaseholds the outlay for major works tend not to be included within maintenance charges, although some managing agents in Fenny Stratford obliged leasehold owners to contribute towards a reserve fund created for the specific intention of building a fund for larger works. Is there a share of the freehold?

Other Topics

Lease Extensions in Fenny Stratford