I am in need of some leasehold conveyancing in Stoke Bishop. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Stoke Bishop - 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've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Stoke Bishop. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Stoke Bishop are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Stoke Bishop so you should seriously consider shopping around for a Stoke Bishop conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two maisonettes in Stoke Bishop both have approximately 50 years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Stoke Bishop is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and lenders, 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 Stoke Bishop 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Can you provide any top tips for leasehold conveyancing in Stoke Bishop from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Stoke Bishop can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
• Many landlords or Management Companies in Stoke Bishop levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Stoke Bishop.

In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Stoke Bishop leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you fail to have the approvals to hand do not communicate with the landlord without checking with your conveyancer in the first instance.

If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Arranging a re-issued share certificate is often a time consuming formality and slows down many a Stoke Bishop home move. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.

You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

All being well we will complete the sale of our £200000 flat in Stoke Bishop in 10 days. The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Stoke Bishop?

For most leasehold sales in Stoke Bishop conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering pre-contract questions
• Where consent is required before sale in Stoke Bishop
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Stoke Bishop leasehold premises is £350. For Stoke Bishop conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Leasehold Conveyancing in Stoke Bishop - Sample of Questions you should ask Prior to Purchasing

Be sure to discover if the the lease includes any onerous restrictions in the lease. For instance it is fairly common in Stoke Bishop leases that pets are not permitted in in a block in Stoke Bishop. If you love the propertyin Stoke Bishop but your cat can’t make the move with you then you will be presented with a difficult decision. If a Stoke Bishop lease has fewer than eighty years it will impact the marketability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you will need to own the premises for a couple of years before you are legally able to exercise a lease extension. Does the lease have in excess of 82 years remaining?

Other Topics

Lease Extensions in Stoke Bishop