Fixed-fee leasehold conveyancing in Stoke Park:

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Common questions relating to Stoke Park leasehold conveyancing

I have just appointed agents to market my ground floor flat in Stoke Park.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – Do I pay up?

It best that you clear 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 management companies will not acknowledge the buyer unless 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. This will smooth the conveyancing process.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Stoke Park. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Stoke Park ?

Most houses in Stoke Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Stoke Park so you should seriously consider shopping around for a Stoke Park conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will report to you on the legal implications.

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

  • Much of the delay in leasehold conveyancing in Stoke Park can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Stoke Park leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Should you dont have the approvals to hand you should not communicate with the landlord without checking with your solicitor in the first instance.
  • A minority of Stoke Park leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and delays many a Stoke Park home move. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Completion in due on the sale of our £250000 garden flat in Stoke Park on Friday in a week. The landlords agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Stoke Park?

    Stoke Park conveyancing on leasehold maisonettes more often than not necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They are entitled levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    What makes a Stoke Park lease unacceptable for security purposes?

    Leasehold conveyancing in Stoke Park is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections 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
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Skipton Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

    I own a 1 bedroom flat in Stoke Park, conveyancing formalities finalised 2007. How much will my lease extension cost? Corresponding flats in Stoke Park with over 90 years remaining are worth £229,000. The average or mid-range amount of ground rent is £60 per annum. The lease ceases on 21st October 2084

    You have 59 years left to run we estimate the price of your lease extension to range between £22,800 and £26,400 as well as professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on 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 issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Stoke Park