Recently asked questions relating to Stony Stratford leasehold conveyancing
I am in need of some leasehold conveyancing in Stony Stratford. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Stony Stratford - 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.
Expecting to exchange soon on a leasehold property in Stony Stratford. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
The 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, landlord
Estate agents have just been given the go-ahead to market my ground floor flat in Stony Stratford.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – what should I do?
The sensible thing to do is clear the invoice 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 managing agents 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. This will smooth the conveyancing process.
I work for a long established estate agency in Stony Stratford where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Stony Stratford conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 Stony Stratford from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Stony Stratford can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
- A minority of Stony Stratford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
Stony Stratford Leasehold Conveyancing - A selection of Queries before Purchasing
In the main the outlay for major works are not built into the service charges, albeit that a few managing agents in Stony Stratford ask leaseholders to pay into a reserve fund and this is used to offset against larger repairs or maintenance.
Does the lease contain onerous restrictions?
You should want to discover as much as possible about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the common parts. Ask prospective neighbours whether they are happy with them. Finally, be sure you know the dates that the service charges are due to the appropriate party and precisely what it includes.