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When it comes to leasehold conveyancing in Stroud, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, RBS or Bradford & Bingley make sure you choose a lawyer on their approved list. Find a Stroud conveyancing lawyer with our search tool

Top Five Questions relating to Stroud leasehold conveyancing

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Stroud. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Stroud ?

Most houses in Stroud are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Stroud so you should seriously consider looking for a Stroud 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. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.

I am looking at a two flats in Stroud both have about fifty years remaining on the lease term. Do I need to be concerned?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in Stroud. 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 lessee 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).

Can you offer any advice when it comes to finding a Stroud conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Stroud conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Stroud conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How familiar is the practice with lease extension legislation?
  • Can they put you in touch with client in Stroud who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Stroud from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Stroud can be reduced where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers lawyers.
    • A minority of Stroud leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Obtaining a duplicate share certificate can be a lengthy process and delays many a Stroud home move. If a reissued share certificate is needed, do contact the company officers or managing agents (if applicable) 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 advisable double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Stroud Leasehold Conveyancing - Examples of Queries before Purchasing

      You should be aware that where the lease has less than 80 years it will impact the marketability of the flat. Check with your lender that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of how much this will be. For most Stroudlease extensions you would need to own the premises for 24 months in order to be entitled to carry out a lease extension. The best form of lease structure is where the freehold interest is owned by the leaseholders. In this situation the lessees have being in charge if their destiny and notwithstanding that a managing agent is frequently retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Is anyone aware of any major works in the near future that could increase the service costs?

    Other Topics

    Lease Extensions in Stroud