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

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When it comes to leasehold conveyancing in Stokesley, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, Birmingham Midshires or NatWest be sure to find a lawyer on their panel. Feel free to use our search tool

Top Five Questions relating to Stokesley leasehold conveyancing

I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Stokesley. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Stokesley ?

Most houses in Stokesley are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Stokesley in which case you should be shopping around for a Stokesley conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.

I own a leasehold flat in Stokesley. Conveyancing and Barclays mortgage are in place. I have received a letter 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 Stokesley who acted for me is not around.What should I do?

The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Stokesley conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of apartments in Stokesley which have in the region of forty five years left on the lease term. Will this present a problem?

A lease is a right to use the property for a period of time. As the lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

I am a negotiator for a long established estate agency in Stokesley where we have witnessed a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Stokesley conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Can you provide any top tips for leasehold conveyancing in Stokesley from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Stokesley can be bypassed where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
  • The majority landlords or Management Companies in Stokesley levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Stokesley.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Stokesley leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer in advance.
  • A minority of Stokesley leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Arranging a new share certificate is often a time consuming process and frustrates many a Stokesley conveyancing deal. If a duplicate share is required, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.

    • I am the registered owner of a studio flat in Stokesley, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Stokesley with over 90 years remaining are worth £237,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2078

    With only 53 years left to run the likely cost is going to range between £30,400 and £35,200 plus professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns 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 based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Stokesley