Guaranteed fixed fees for Leasehold Conveyancing in Stocksfield

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Top Five Questions relating to Stocksfield leasehold conveyancing

I am in need of some leasehold conveyancing in Stocksfield. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in Stocksfield - 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.

Due to sign contracts shortly on a ground floor flat in Stocksfield. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Stocksfield should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • Does the lease prevent you from renting out the property, or having a home office for business
  • Repair and maintenance of the flat
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Stocksfield please enquire of your conveyancer in advance of your conveyancing in Stocksfield

    • I work for a long established estate agency in Stocksfield where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Stocksfield conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?

    As long as 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. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

    Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.

    What are your top tips when it comes to finding a Stocksfield conveyancing practice to deal with our lease extension?

    If you are instructing a property lawyer for lease extension works (regardless if they are a Stocksfield conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Stocksfield conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

    • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in Stocksfield who can give a testimonial?

    • What makes a Stocksfield lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Stocksfield. Most leases are unique and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • 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

    You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Virgin Money, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

    I am the registered owner of a 1st floor flat in Stocksfield, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable properties in Stocksfield with a long lease are worth £220,000. The ground rent is £60 levied per year. The lease terminates on 21st October 2091

    With 66 years remaining on your lease we estimate the price of your lease extension to span between £15,200 and £17,600 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Stocksfield