I am in need of some leasehold conveyancing in Stotfold. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Stotfold - 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.

I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Stotfold. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Stotfold are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Stotfold so you should seriously consider shopping around for a Stotfold conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.

Last month I purchased a leasehold flat in Stotfold. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

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

• Much of the frustration in leasehold conveyancing in Stotfold can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Stotfold leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such works. Where you dont have the approvals to hand you should not communicate with the landlord without contacting your lawyer before hand.
• A minority of Stotfold leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain 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 buyers or their solicitors.
• If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Organising a duplicate share certificate can be a time consuming formality and frustrates many a Stotfold conveyancing deal. Where a new share is required, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but it would be wise to double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is under 75 years. In the circumstances it is important at an as soon as possible that you identify 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.

What makes a Stotfold lease unmortgageable?

There is nothing unique about leasehold conveyancing in Stotfold. Most leases is drafted differently and legal mistakes in the legal wording 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 elements 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Stotfold Leasehold Conveyancing - Sample of Queries Prior to buying

Are there any major works on the horizon that will likely add a premium to the service fees?