I am in need of some leasehold conveyancing in Stroud. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Stroud - then the leasehold title will always include the basic details 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.

Estate agents have just been given the go-ahead to market my basement flat in Stroud.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – Do I pay up?

It best that you 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 am attracted to a couple of apartments in Stroud both have in the region of forty five years remaining on the lease term. Do I need to be concerned?

There are plenty of short leases in Stroud. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

I am a negotiator for a reputable estate agent office in Stroud where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Stroud conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

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.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £300000 flat in Stroud next week. The landlords agents has quoted £396 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Stroud?

Stroud conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They are at liberty invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to complete the sale of your home.

Leasehold Conveyancing in Stroud - A selection of Questions you should ask before Purchasing

Many Stroud leasehold flats will be liable to pay a service bill for the upkeep of the building levied by the freeholder. Should you buy the property you will have to meet this contribution, normally periodically during the year. This could vary from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a rentcharge for you to pay annual, this is usually not a large amount, say around £25-£75 but you should to check it because sometimes it could be surprisingly expensive. On the whole the outlay for major works tend not to be incorporated into the maintenance charges, albeit that some managing agents in Stroud ask tenants to contribute towards a sinking fund created for the specific intention of building a fund for major works. Are any of leasehold owners in dispute over their service charge liability?

Other Topics

Lease Extensions in Stroud