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Recently asked questions relating to Stow on the Wold leasehold conveyancing

I am on look out for some leasehold conveyancing in Stow on the Wold. Before I get started I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% 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 own a leasehold house in Stow on the Wold. Conveyancing and Clydesdale mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Stow on the Wold who acted for me is not around.Any advice?

First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Stow on the Wold conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Last month I purchased a leasehold flat in Stow on the Wold. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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).

I am a negotiator for a reputable estate agent office in Stow on the Wold where we have witnessed a few flat 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 seller of a flat can commence the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 provide any advice for leasehold conveyancing in Stow on the Wold with the purpose of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Stow on the Wold can be avoided where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
  • The majority landlords or Management Companies in Stow on the Wold charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of 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.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of 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 over rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Organising a duplicate share certificate can be a time consuming formality and frustrates many a Stow on the Wold conveyancing transaction. Where a new share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Stow on the Wold Leasehold Conveyancing - Examples of Questions you should consider Prior to buying

      Is anyone aware of any major works in the planning that could add a premium to the service charges? How much is the ground rent and service charge? How many of the leaseholders are in arrears for their service charge payments?

    Other Topics

    Lease Extensions in Stow on the Wold