I am on look out for some leasehold conveyancing in Stow on the Wold. Before diving in I would like to find out the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Stow on the Wold - then the leasehold title will always include the basic details 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.

Looking forward to sign contracts shortly on a studio apartment in Stow on the Wold. Conveyancing solicitors inform me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Stow on the Wold should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• Will you be prohibited or prevented from having pets in the property?
• You must be told what counts as a Nuisance in the lease
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• What options are open to you if a neighbour is in violation of a provision in their lease?
• What the implications are if you breach a clause of your lease?

I've recently bought a leasehold flat in Stow on the Wold. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

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

• A significant proportion of the frustration in leasehold conveyancing in Stow on the Wold can be avoided if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers representatives.
• Many landlords or managing agents in Stow on the Wold charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Stow on the Wold.
• Some Stow on the Wold leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 make sure that you have the original share document. Organising a new share certificate is often a lengthy formality and slows down many a Stow on the Wold conveyancing deal. Where a new share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if 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 home on the market for sale.

In relation to leasehold conveyancing in Stow on the Wold what are the most common lease problems?

Leasehold conveyancing in Stow on the Wold is not unique. All leases are individual and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• 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 as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Aldermore 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 is defective they may refuse to provide security, obliging the buyer to pull out.

Stow on the Wold Conveyancing for Leasehold Flats - A selection of Queries Prior to buying

Can you tell me if there are any major works on the horizon that will likely increase the maintenance fees? In the main the cost for major works are not included within maintenance charges, although there some managing agents in Stow on the Wold require leasehold owners to contribute towards a sinking fund created for the specific intention of building a fund for major repairs or maintenance.