Frequently asked questions relating to Stilton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Stilton. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and most are in Stilton - 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 have just appointed agents to market my ground floor flat in Stilton.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – what should I do?
The sensible thing to do is clear 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 management companies 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. This will smooth the conveyancing process.
I am attracted to a couple of flats in Stilton both have approximately fifty years remaining on the lease term. Do I need to be concerned?
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 a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
Can you provide any advice for leasehold conveyancing in Stilton from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Stilton can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
- The majority freeholders or managing agents in Stilton levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Stilton.
In relation to leasehold conveyancing in Stilton what are the most common lease problems?
Leasehold conveyancing in Stilton is not unique. Most leases is drafted differently and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
Stilton Conveyancing for Leasehold Flats - A selection of Queries before buying
How many of the leaseholders are in arrears for their maintenance charge payments?
What prohibitions exist in the Stilton Lease?
What is the length of the lease?