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Questions and Answers: Stow on the Wold leasehold conveyancing

Expecting to sign contracts shortly on a ground floor flat in Stow on the Wold. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • 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
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Stow on the Wold please ask your lawyer in ahead of your conveyancing in Stow on the Wold

    • I work for a busy estate agency in Stow on the Wold where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Stow on the Wold conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

    An alternative approach is 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 offer any advice when it comes to finding a Stow on the Wold conveyancing firm to deal with our lease extension?

    If you are instructing a solicitor for lease extension works (regardless if they are a Stow on the Wold conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Stow on the Wold conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

    • If the firm is not ALEP accredited then why not?
  • What are the charges for lease extension work?

    • Do you have any advice for leasehold conveyancing in Stow on the Wold with the aim of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Stow on the Wold can be reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
    • The majority landlords or Management Companies in Stow on the Wold levy fees for supplying 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 typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Stow on the Wold.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Stow on the Wold state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such changes. Where you fail to have the approvals in place do not communicate with the landlord without contacting your solicitor first.
  • Some Stow on the Wold leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice 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 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 lawyers.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Stow on the Wold lease problematic?

    There is nothing unique about leasehold conveyancing in Stow on the Wold. Most leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements 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 will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Godiva Mortgages 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 is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

    I invested in buying a basement flat in Stow on the Wold, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Stow on the Wold with an extended lease are worth £261,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2089

    With 67 years left to run the likely cost is going to range between £12,400 and £14,200 as well as costs.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Stow on the Wold