Fixed-fee leasehold conveyancing in Stony Stratford:

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Frequently asked questions relating to Stony Stratford leasehold conveyancing

Estate agents have just been given the go-ahead to market my 2 bed flat in Stony Stratford.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you clear the service charge 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a couple of apartments in Stony Stratford both have in the region of forty five years left on the lease term. Do I need to be concerned?

There are plenty of short leases in Stony Stratford. The lease is a right to use the property for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

What are your top tips when it comes to choosing a Stony Stratford conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Stony Stratford conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Stony Stratford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • If the firm is not ALEP accredited then what is the reason?
  • What are the legal fees for lease extension conveyancing?

  • Can you provide any top tips for leasehold conveyancing in Stony Stratford with the purpose of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Stony Stratford can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Stony Stratford leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Should you dont have the consents to hand you should not communicate with the landlord without contacting your conveyancer in the first instance.
  • Some Stony Stratford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unsettled. You may need to swallow your pride 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 details of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

  • What are the common deficiencies that you come across in leases for Stony Stratford properties?

    There is nothing unique about leasehold conveyancing in Stony Stratford. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

    I own a split level flat in Stony Stratford, conveyancing was carried out 2012. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Stony Stratford with a long lease are worth £175,000. The ground rent is £60 invoiced annually. The lease ceases on 21st October 2093

    With only 72 years unexpired we estimate the price of your lease extension to range between £12,400 and £14,200 as well as legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered 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 without first getting professional advice.

    Other Topics

    Lease Extensions in Stony Stratford