I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Stoke Park. Conveyancing advisers have are about to be instructed. Will they explain the issues?

Most houses in Stoke Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Stoke Park so you should seriously consider looking for a Stoke Park conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I am attracted to a couple of maisonettes in Stoke Park which have about fifty years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Stoke Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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've recently bought a leasehold house in Stoke Park. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to appointing a Stoke Park conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Stoke Park conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Stoke Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• If they are not ALEP accredited then what is the reason?

When it comes to leasehold conveyancing in Stoke Park what are the most frequent lease defects?

Leasehold conveyancing in Stoke Park is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair 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 may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

I purchased a basement flat in Stoke Park, conveyancing formalities finalised 2005. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Stoke Park with over 90 years remaining are worth £170,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2088

With only 63 years remaining on your lease we estimate the price of your lease extension to be between £15,200 and £17,600 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Stoke Park