Fixed-fee leasehold conveyancing in Stowmarket:

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Questions and Answers: Stowmarket leasehold conveyancing

I am on look out for some leasehold conveyancing in Stowmarket. Before diving in I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Stowmarket - 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’m about to sell my garden apartment in Stowmarket.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance 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. This will smooth the conveyancing process.

I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Stowmarket. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Stowmarket are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Stowmarket so you should seriously consider looking for a Stowmarket conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.

Back In 2003, I bought a leasehold house in Stowmarket. Conveyancing and Leeds Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Stowmarket who acted for me is not around.What should I do?

First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Stowmarket conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Do you have any advice for leasehold conveyancing in Stowmarket from the perspective of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Stowmarket can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers representatives.
  • The majority landlords or Management Companies in Stowmarket charge for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for 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 usual reason for frustration in leasehold conveyancing in Stowmarket.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Stowmarket leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your solicitor before hand.
  • A minority of Stowmarket leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet 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 buyers or their lawyers.
  • You believe that you know the number of years left on your lease but you should verify this by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Leasehold Conveyancing in Stowmarket - Examples of Queries Prior to Purchasing

      Plenty Stowmarket leasehold apartments will be liable to pay a service charge for maintenance of the block levied by the freeholder. Where you acquire the property you will have to meet this charge, usually in instalments accross the year. This could be anything from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent to be met annual, this is usually not a exorbitant figure, say about £25-£75 but you should to enquire as on occasion it could be prohibitively expensive. The answer will be important as a) areas could cause problems in the building as the common areas may begin to deteriorate where services are not paid for b) if the tenants have a dispute with the running of the building you will wish to have complete disclosure The prefered form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this situation the leaseholders have being in charge if their destiny and although a managing agent is often retained where the building is bigger than a house conversion, the managing agent employed by the leaseholders.

    Other Topics

    Lease Extensions in Stowmarket