I am looking at a couple of flats in Stow on the Wold which have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Stow on the Wold is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stow on the Wold conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am employed by a busy estate agency in Stow on the Wold where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Stow on the Wold conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner 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. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 purchaser.

Can you provide any advice for leasehold conveyancing in Stow on the Wold from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Stow on the Wold can be bypassed where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
• The majority freeholders or managing agents in Stow on the Wold levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Stow on the Wold.
• If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Stow on the Wold state that internal structural changes or laying down wooden flooring require a licence from the Landlord approving such changes. Should you fail to have the paperwork to hand you should not contact the landlord without checking with your conveyancer in the first instance.
• If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Arranging a re-issued share certificate is often a lengthy formality and delays many a Stow on the Wold home move. Where a reissued share is needed, you should approach the company director and secretary 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 wise to double-check by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

All being well we will complete our sale of a £ 425000 maisonette in Stow on the Wold in just under a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Stow on the Wold?

For the majority of leasehold sales in Stow on the Wold conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering conveyancing due diligence questions
• Where consent is required before sale in Stow on the Wold
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Stow on the Wold leasehold premises is £350. For Stow on the Wold conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

When it comes to leasehold conveyancing in Stow on the Wold what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Stow on the Wold. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• 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

You may 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, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

Stow on the Wold Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

The majority of Stow on the Wold leasehold flats will incur a service charge for the upkeep of the building set by the freeholder. Should you buy the property you will have to meet this contribution, usually in instalments accross the year. This can vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent for you to pay annual, this is usually not a exorbitant amount, say about £50-£100 but you need to check it because on occasion it could be surprisingly expensive.