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 remaining lease term.
If the lease is registered - and 99.9% are in Fenny Stratford - then the leasehold title will always include the basic details 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’m about to sell my 2 bed apartment in Fenny Stratford.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am tempted by the attractive purchase price for a two apartments in Fenny Stratford both have about forty five years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Fenny Stratford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Fenny Stratford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am a negotiator for a busy estate agency in Fenny Stratford where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Fenny Stratford conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension formalities 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 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 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 simultaneously with completion of the sale.
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 purchaser.
All being well we will complete the disposal of our £225000 apartment in Fenny Stratford in 5 days. The management company has quoted £312 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Fenny Stratford?
Fenny Stratford conveyancing on leasehold maisonettes usually involves the buyer’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 do so. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you if you want to sell the property.
Fenny Stratford Conveyancing for Leasehold Flats - Sample of Queries before buying
The best form of lease structure is a share of the freehold. In this scenario the lessees benefit from being in charge if their destiny and although a managing agent is frequently employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Be sure to enquire if the the lease includes any unreasonable restrictions in the lease. For example some leases prohibit pets being allowed in certain buildings in Fenny Stratford. If you love the apartmentin Fenny Stratford however your dog is not allowed to live with you then you have a very hard determination.
Can you inform me if there are any major works anticipated that could increase the maintenance charges?