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

While any conveyancing practice can theoretically handle your leasehold conveyancing in Fenny Stratford, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Fenny Stratford leasehold conveyancing Example Support Desk Enquiries

Having had my offer accepted I require leasehold conveyancing in Fenny Stratford. Before I set the wheels in motion 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 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 am a negotiator for a reputable estate agent office in Fenny Stratford where we have witnessed a few leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Fenny Stratford conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process 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 commence 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible 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.

What advice can you give us when it comes to appointing a Fenny Stratford conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Fenny Stratford conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Fenny Stratford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

  • Can they put you in touch with client in Fenny Stratford who can give a testimonial?
  • What are the charges for lease extension conveyancing?

  • Can you provide any advice for leasehold conveyancing in Fenny Stratford from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Fenny Stratford can be reduced where you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Fenny Stratford leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Should you fail to have the approvals in place do not communicate with the landlord without checking with your solicitor in advance.
  • A minority of 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 bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Organising a duplicate share certificate can be a time consuming formality and frustrates many a Fenny Stratford home move. If a duplicate share certificate is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • We expect to complete the disposal of our £300000 garden flat in Fenny Stratford next week. The landlords agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold 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 :

    • Addressing conveyancing due diligence questions
    • Where consent is required before sale in Fenny Stratford
    • Supplying insurance information
    • 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 provide the information.

    I purchased a 1 bedroom flat in Fenny Stratford, conveyancing having been completed in 2011. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Fenny Stratford with over 90 years remaining are worth £267,000. The ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2096

    With only 74 years left to run we estimate the price of your lease extension to range between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously 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