Leasehold Conveyancing in Stow on the Wold - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Stow on the Wold is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Stow on the Wold and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Frequently asked questions relating to Stow on the Wold leasehold conveyancing

I wish to sublet my leasehold apartment in Stow on the Wold. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

A small minority of properties in Stow on the Wold do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I have just started marketing my garden flat in Stow on the Wold.Conveyancing is yet to be initiated but I have just received a quarterly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge 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 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 flats in Stow on the Wold which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field

Do you have any top tips for leasehold conveyancing in Stow on the Wold from the point of view of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Stow on the Wold can be reduced if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Stow on the Wold leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Where you dont have the consents in place you should not communicate with the landlord without contacting your solicitor first.
  • Some Stow on the Wold 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 financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than ongoing.
  • If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Obtaining a duplicate share certificate is often a lengthy formality and frustrates many a Stow on the Wold home move. Where a duplicate share certificate is required, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

    • In relation to leasehold conveyancing in Stow on the Wold what are the most frequent lease defects?

    Leasehold conveyancing in Stow on the Wold is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • 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 primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Platform Home Loans Ltd all have express 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 provide security, obliging the purchaser to withdraw.

    I bought a studio flat in Stow on the Wold, conveyancing having been completed in 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Stow on the Wold with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2080

    You have 56 years remaining on your lease we estimate the price of your lease extension to be between £24,700 and £28,600 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Stow on the Wold