I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Stilton. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in Stilton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Stilton in which case you should be looking for a Stilton conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a two apartments in Stilton which have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Stilton. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold property in Stilton. 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 owner 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. A critical element 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).

What advice can you give us when it comes to finding a Stilton conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Stilton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Stilton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How many lease extensions has the firm carried out in Stilton in the last year?

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

• Much of the frustration in leasehold conveyancing in Stilton can be bypassed where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
• The majority freeholders or managing agents in Stilton levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Stilton.

Stilton Leasehold Conveyancing - Sample of Questions you should consider before Purchasing

Is anyone aware of any major works on the horizon that will add a premium to the maintenance costs? You should want to discover as much as possible about the managing agents as they will either make life much simpler or uncomfortable. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the tidiness of the communal areas. Ask other people what they think of them. On a final note, be sure you discover the dates that the service fees are due to the managing agents and precisely what you get for your money. You should be aware if it is no more than 80 years it will affect the value of the flat. Check with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. For most Stiltonlease extensions you would need to own the residence for 24 months in order to be eligible to carry out a lease extension.

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Lease Extensions in Stilton