I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Stokesley. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Stokesley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Stokesley in which case you should be looking for a Stokesley conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am looking at a two apartments in Stokesley both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Stokesley. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area

Can you offer any advice when it comes to choosing a Stokesley conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Stokesley conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Stokesley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• What volume of lease extensions has the firm completed in Stokesley in the last year?

Can they put you in touch with client in Stokesley who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Stokesley with the intention of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Stokesley can be bypassed if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
• Many landlords or managing agents in Stokesley levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Stokesley.

In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Stokesley leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such works. Where you fail to have the approvals in place do not communicate with the landlord without checking with your conveyancer first.

If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.

You believe that you know the number of years left on your lease but it would be wise to verify this by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Completion in due on the disposal of our £275000 flat in Stokesley in just under a week. The management company has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Stokesley?

Stokesley conveyancing on leasehold maisonettes typically results in fees being levied by landlords agents :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Stokesley
• 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 lawyer will have no control over the level of the charges for this information but the average costs for the information for Stokesley leasehold property is £350. For Stokesley 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.

I bought a split level flat in Stokesley, conveyancing formalities finalised 6 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Stokesley with over 90 years remaining are worth £203,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2089

With just 64 years unexpired we estimate the premium for your lease extension to range between £19,000 and £22,000 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Stokesley