Fixed-fee leasehold conveyancing in Stony Stratford:

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Common questions relating to Stony Stratford leasehold conveyancing

Looking forward to exchange soon on a basement flat in Stony Stratford. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Stony Stratford should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your legal entitlements in relation to the communal areas in the block.For instance, does the lease permit a right of way over a path or hallways?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Stony Stratford please ask your conveyancer in advance of your conveyancing in Stony Stratford

    • I am attracted to a couple of apartments in Stony Stratford both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Stony Stratford. The lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

    Do you have any advice for leasehold conveyancing in Stony Stratford with the intention of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Stony Stratford can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers lawyers.
    • The majority landlords or managing agents in Stony Stratford charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Stony Stratford.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. 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 will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Organising a replacement share certificate can be a lengthy formality and delays many a Stony Stratford home move. Where a reissued share is necessary, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is important 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.

    • If all goes to plan we aim to complete the disposal of our £500000 apartment in Stony Stratford in 8 days. The landlords agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Stony Stratford?

    Stony Stratford conveyancing on leasehold flats usually requires the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to assist. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality you have no choice but to pay whatever is demanded should you wish to sell the property.

    Are there frequently found problems that you encounter in leases for Stony Stratford properties?

    Leasehold conveyancing in Stony Stratford is not unique. Most leases are individual and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • 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

    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. National Westminster Bank, The Mortgage Works, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

    Leasehold Conveyancing in Stony Stratford - Sample of Questions you should consider Prior to Purchasing

      Does the lease include onerous restrictions? On the whole the cost for major works tend not to be built into the maintenance charges, although there some managing agents in Stony Stratford obliged tenants to pay into a reserve fund and this is used to offset against larger works. If a Stony Stratford lease has less than eighty years it will impact the salability of the apartment. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have been the owner of the residence for 24 months in order to be eligible to extend the lease.

    Other Topics

    Lease Extensions in Stony Stratford