Fixed-fee leasehold conveyancing in Stilton:

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

Frequently asked questions relating to Stilton leasehold conveyancing

Estate agents have just been given the go-ahead to market my 2 bed flat in Stilton.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

It best that you discharge the service charge 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 attracted to a two flats in Stilton both have in the region of fifty years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Stilton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. 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 property 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 Stilton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Last month I purchased a leasehold property in Stilton. Am I liable to pay service charges relating to a period prior to completion of my purchase?

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. Strange as it may seem, 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).

What are your top tips when it comes to appointing a Stilton conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Stilton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Stilton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • If the firm is not ALEP accredited then why not?
  • How many lease extensions have they conducted in Stilton in the last year?

  • What makes a Stilton lease unacceptable for security purposes?

    Leasehold conveyancing in Stilton is not unique. All leases is drafted differently and drafting errors can result in certain sections are not included. 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 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

    You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Platform Home Loans Ltd all have express 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, forcing the buyer to pull out.

    Stilton Leasehold Conveyancing - A selection of Questions you should consider before buying

      Most Stilton leasehold apartments will incur a service bill for maintenance of the building levied by the freeholder. Where you acquire the apartment you will have to pay this amount, normally periodically throughout the year. This can differ from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay yearly, normally this is not a significant sum, say about £25-£75 but you need to enquire it because occasionally it could be surprisingly expensive. How much is the ground rent and service charge? Please note that where the lease has fewer than 80 years it will impact the salability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you would need to own the property for two years before you are legally able to extend the lease.

    Other Topics

    Lease Extensions in Stilton