Having had my offer accepted I require leasehold conveyancing in Stockbridge Village. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Stockbridge Village - 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 hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Stockbridge Village. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Stockbridge Village are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Stockbridge Village so you should seriously consider looking for a Stockbridge Village conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.

I am looking at a couple of maisonettes in Stockbridge Village both have in the region of forty five years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Stockbridge Village is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with under 75 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 a residence 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 Stockbridge Village 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.

I am employed by a long established estate agency in Stockbridge Village where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Stockbridge Village conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have 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 at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.

What makes a Stockbridge Village lease unmortgageable?

Leasehold conveyancing in Stockbridge Village is not unique. All leases are individual and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Virgin Money, 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 provide security, forcing the buyer to pull out.

Stockbridge Village Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing

Its a good idea to discover as much as possible regarding the company managing the building as they will either make living at the property much simpler or problematic. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the cleanliness of the communal areas. Ask other people whether they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money. The answer will be important as a) areas can result in problems in the block as the communal areas may begin to deteriorate if services are not paid for b) if the leaseholders have an issue with the managing agents you will need to have all the details How many years remain on the lease?

Other Topics

Lease Extensions in Stockbridge Village