Having had my offer accepted I require leasehold conveyancing in Stony Stratford. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is registered - and most are in Stony Stratford - 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 only have Sixty One years unexpired on my flat in Stony Stratford. I now wish to extend my lease but my freeholder is absent. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you have used your best endeavours to locate the freeholder. On the whole an enquiry agent would be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Stony Stratford.

I am hoping to sign contracts shortly on a ground floor flat in Stony Stratford. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
• Does the lease prohibit wood flooring?
• Whether the lease restricts you from letting out the flat, or having a home office for business
• Whether your lease has a provision for a reserve fund?
• Repair and maintenance of the flat
• 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.
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

Last month I purchased a leasehold flat in Stony Stratford. Do I have any liability for service charges relating to a period prior to my ownership?

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. A critical element 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 provide any advice for leasehold conveyancing in Stony Stratford with the purpose of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Stony Stratford can be bypassed where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
• The majority landlords or managing agents in Stony Stratford charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. 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 cause of delay in leasehold conveyancing in Stony Stratford.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Stony Stratford leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. Where you fail to have the consents in place you should not communicate with the landlord without checking with your solicitor first.
• A minority of Stony Stratford leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The 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 buyers or their lawyers.
• If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Organising a re-issued share certificate can be a lengthy process and delays many a Stony Stratford home move. If a new share is needed, do contact the company officers or managing agents (where relevant) for this sooner rather than later.

I purchased a 1st floor flat in Stony Stratford, conveyancing formalities finalised in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Stony Stratford with over 90 years remaining are worth £231,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2090

With only 64 years left to run the likely cost is going to range between £17,100 and £19,800 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.