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

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Questions and Answers: Stow on the Wold leasehold conveyancing

I am in need of some leasehold conveyancing in Stow on the Wold. Before diving in I want to be sure as to 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 short particulars 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 want to rent out my leasehold apartment in Stow on the Wold. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Some leases for 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 refuse but, in such cases, they would need to see 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 permission.

I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Stow on the Wold. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Stow on the Wold ?

The majority of houses in Stow on the Wold are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Stow on the Wold in which case you should be shopping around for a Stow on the Wold conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.

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 frustration in leasehold conveyancing in Stow on the Wold can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
  • Many landlords or managing agents in Stow on the Wold levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for 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 usual reason for frustration in leasehold conveyancing in Stow on the Wold.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Stow on the Wold state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you fail to have the approvals to hand do not communicate with the landlord without checking with your conveyancer in the first instance.
  • A minority of 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 notify your estate agents to make sure that the purchasers put in hand 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.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • 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. All leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations 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 can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, The Royal Bank of Scotland, and Britannia all have very detailed 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 pull out.

    I inherited a 1st floor flat in Stow on the Wold, conveyancing was carried out in 1996. Can you work out an approximate cost of a lease extension? Comparable flats in Stow on the Wold with a long lease are worth £195,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2105

    You have 80 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.

    The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Stow on the Wold