I am on look out for some leasehold conveyancing in Stockwood. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in Stockwood - 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’m about to sell my garden apartment in Stockwood.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay 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 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 tempted by the attractive purchase price for a two flats in Stockwood which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why 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 may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field

What advice can you give us when it comes to appointing a Stockwood conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Stockwood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Stockwood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• How many lease extensions have they conducted in Stockwood in the last year?
• What are the costs for lease extension work?

When it comes to leasehold conveyancing in Stockwood what are the most common lease problems?

Leasehold conveyancing in Stockwood is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Britannia 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 purchaser to pull out.

Stockwood Leasehold Conveyancing - Examples of Queries Prior to buying

Does the lease have in excess of 90 years unexpired? Please note if it is fewer than eighty years it will affect the value of the property. It is worth checking with your mortgage company that they are happy with remaining years on the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of how much this will be. For most Stockwoodlease extensions you would be required to have owned the property for two years before you are legally able to carry out a lease extension.