Having had my offer accepted I require leasehold conveyancing in Stoke Poges. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Stoke Poges - 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 have recently realised that I have Fifty years left on my flat in Stoke Poges. I now wish to extend my lease but my landlord is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have used your best endeavours to locate the lessor. For most situations a specialist should be helpful to conduct investigations and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Stoke Poges.

I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Stoke Poges. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Stoke Poges ?

The majority of houses in Stoke Poges are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Stoke Poges in which case you should be shopping around for a Stoke Poges conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of maisonettes in Stoke Poges both have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Stoke Poges is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. 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 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 Poges 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.

In relation to leasehold conveyancing in Stoke Poges what are the most frequent lease defects?

Leasehold conveyancing in Stoke Poges is not unique. All leases is drafted differently and drafting errors 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
• 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

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Virgin Money, and Aldermore all have very detailed 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, forcing the buyer to withdraw.

Stoke Poges Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying

Who manages the block? Are any of leasehold owners in arrears of their service charge liability? This information is helpful as a) areas can result in problems for the block as the communal areas may begin to deteriorate if services are not paid for b) if the tenants have an issue with the managing agents you will want to have full disclosure

Other Topics

Lease Extensions in Stoke Poges