Fixed-fee leasehold conveyancing in Shipston on Stour:

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Shipston on Stour, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Shipston on Stour leasehold conveyancing

Estate agents have just been given the go-ahead to market my basement flat in Shipston on Stour.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?

It best that you pay 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 unless 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 attracted to a two apartments in Shipston on Stour both have in the region of fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Shipston on Stour is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with under eighty 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 Shipston on Stour conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.

Last month I purchased a leasehold flat in Shipston on Stour. Do I have any liability for service charges for periods before my ownership?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 Shipston on Stour with the aim of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Shipston on Stour can be reduced if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Shipston on Stour state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you dont have the consents in place do not contact the landlord without checking with your lawyer before hand.
  • Some Shipston on Stour 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 put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly 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 purchasers or their solicitors.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Organising a re-issued share certificate is often a time consuming formality and slows down many a Shipston on Stour conveyancing transaction. If a reissued share is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • When it comes to leasehold conveyancing in Shipston on Stour what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Shipston on Stour. All leases is drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Norwich and Peterborough Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    Shipston on Stour Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

      Be sure to find out if there are any onerous prohibitions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Shipston on Stour. If you like the flatin Shipston on Stour but your dog is not allowed to move with you then you have a very difficult determination. Does the lease have in excess of 82 years unexpired? The majority of Shipston on Stour leasehold apartments will have a service charge for the upkeep of the building invoiced on behalf of the management company. If you acquire the apartment you will have to pay this liability, usually quarterly accross the year. This may vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a rentcharge to be met yearly, this is usually not a exorbitant amount, say around £25-£75 but you need to enquire as occasionally it could be many hundreds of pounds.

    Other Topics

    Lease Extensions in Shipston on Stour