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Questions and Answers: Stotfold leasehold conveyancing

I am looking at a two maisonettes in Stotfold both have approximately fifty years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Stotfold. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend 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 Stotfold conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Stotfold conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Stotfold conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

  • What volume of lease extensions has the firm carried out in Stotfold in the last twenty four months?
  • What are the costs for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Stotfold from the point of view of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Stotfold can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
    • The majority freeholders or Management Companies in Stotfold charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding 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 common reason for delay in leasehold conveyancing in Stotfold.
  • Some Stotfold leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The 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.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Obtaining a duplicate share certificate is often a time consuming formality and frustrates many a Stotfold conveyancing deal. If a reissued share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A buyer’s conveyancer will be unlikely to recommend 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 for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Completion in due on the sale of our £200000 garden flat in Stotfold next week. The managing agents has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Stotfold?

    Stotfold conveyancing on leasehold apartments more often than not requires the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They are at liberty levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to sell the property.

    In relation to leasehold conveyancing in Stotfold what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Stotfold. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Royal Bank of Scotland, and Britannia 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 grant the mortgage, forcing the buyer to withdraw.

    Stotfold Conveyancing for Leasehold Flats - Sample of Queries before buying

      You will want to find out as much as you can concerning the managing agents as they will either make living at the property much easier or much more difficult. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day issues like the tidiness of the common parts. Ask other people what they think of their service. Finally, be sure you know the dates that the maintenance fees are due to the appropriate party and specifically what you get for your money. On the whole the cost for major works tend not to be included within service charges, albeit that a few managing agents in Stotfold require leaseholders to contribute towards a sinking fund and this is used to offset against major repairs or maintenance. This information is important as a) areas may cause problems for the block as the common areas may start to deteriorate if maintenance are not paid for b) if the leasehold owners have an issue with the managing agents you will wish to have full disclosure

    Other Topics

    Lease Extensions in Stotfold