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

If the lease is registered - and most 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.

I have just appointed agents to market my basement apartment in Stow on the Wold.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – what should I do?

The sensible thing to do is clear the service charge 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 managing agents will not acknowledge the buyer unless 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 attracted to a couple of apartments in Stow on the Wold both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Stow on the Wold is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.

Can you offer any advice when it comes to finding a Stow on the Wold conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Stow on the Wold conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Stow on the Wold conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• How familiar is the firm with lease extension legislation?

Can they put you in touch with client in Stow on the Wold who can give a testimonial?

We expect to complete the disposal of our £125000 maisonette in Stow on the Wold in 8 days. The management company has quoted £312 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Stow on the Wold?

Stow on the Wold conveyancing on leasehold maisonettes usually results in fees being levied by management companies :

• Answering pre-contract enquiries
• 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 lawyer 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 property 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 obliged to supply answers.

Stow on the Wold Leasehold Conveyancing - Sample of Questions you should consider before Purchasing

It would be prudent to enquire if the the lease includes any unreasonable restrictions in the lease. By way of example it is fairly common in Stow on the Wold leases that pets are not permitted in in a block in Stow on the Wold. If you love the apartmentin Stow on the Wold however your dog can’t make the move with you then you will be presented with a difficult compromise. The answer will be helpful as a) areas could result in problems for the block as the communal areas may start to deteriorate where repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to know about it Are any of leasehold owners in dispute over their service charge payments?

Other Topics

Lease Extensions in Stow on the Wold