Leasehold Conveyancing in Stoke Bishop - Get a Quote from the leasehold experts approved by your lender

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Examples of recent questions relating to leasehold conveyancing in Stoke Bishop

I am on look out for some leasehold conveyancing in Stoke Bishop. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is registered - and almost all are in Stoke Bishop - 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.

There are only 62 years left on my lease in Stoke Bishop. I now want to extend my lease but my freeholder is absent. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have used your best endeavours to find the freeholder. In some cases a specialist may be helpful to carry out a search and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the application to the County Court covering Stoke Bishop.

I own a leasehold flat in Stoke Bishop. Conveyancing and Santander mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Stoke Bishop who acted for me is not around.What should I do?

The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Stoke Bishop conveyancing solicitor to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Do you have any top tips for leasehold conveyancing in Stoke Bishop with the purpose of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Stoke Bishop can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers.
  • The majority landlords or Management Companies in Stoke Bishop levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common 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? Most leases in Stoke Bishop state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer in the first instance.
  • Some Stoke Bishop leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Organising a duplicate share certificate is often a time consuming formality and delays many a Stoke Bishop home move. If a reissued share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • Are there frequently found deficiencies that you witness in leases for Stoke Bishop properties?

    Leasehold conveyancing in Stoke Bishop is not unique. Most leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • Insurance obligations
    • 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 may have 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. Santander, The Mortgage Works, and Godiva Mortgages 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

    Stoke Bishop Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying

      How much is the service charge and ground rent on the apartment? If a Stoke Bishop lease has less than 80 years it will have adverse implications on the marketability of the property. Check with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you will need to own the premises for two years in order to be entitled to extend the lease. What is the name of the managing agents?

    Other Topics

    Lease Extensions in Stoke Bishop