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Find a Stotfold Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Stotfold? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Stotfold transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Stotfold

My aunt informed me that in purchasing a property in Stotfold there could be various restrictions prohibiting external alterations to the property. Is this right?

We are aware of a number of properties in Stotfold which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Stotfold should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

The mortgage over my property is with HSBC for my property in Stotfold. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?

You must advise HSBC before letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel solicitor.

I am selling my flat. I had a double glazing fitted in May 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, UBS are being pedantic. The Stotfold solicitor who is on the UBS conveyancing panel is recommending indemnity insurance as a solution but UBS are requiring a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?

It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.

Are there restrictive covenants that are commonly picked up during conveyancing in Stotfold?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Stotfold. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

I have been on the look out for a flat up to £195,000 and identified one near me in Stotfold I like with amenity areas and transport links nearby, however it only has 51 years on the lease. I can't really find anything else in Stotfold in this price bracket, so just wondered if I would be making a mistake buying a short lease?

Should you need a mortgage the remaining unexpired lease term will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.

I need to find a conveyancing solicitor for my conveyancing in Stotfold. I have stumble across a web site which appears to be the perfect answer If it is possible to get all the legals completed via email that would be preferable. Should I be wary? What should out be looking out for?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I am attracted to a two apartments in Stotfold which have about 50 years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Stotfold is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stotfold conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Leasehold Conveyancing in Stotfold - Examples of Queries Prior to Purchasing

    How much is the annual maintenance fee and ground rent? This information is useful as a) areas could cause problems for the block as the common areas may start to deteriorate where services are not paid for b) if the leasehold owners have an issue with the running of the building you will wish to know about it Many Stotfold leasehold flats will have a service charge for maintenance of the building levied on behalf of the freeholder. Should you buy the property you will have to pay this charge, usually quarterly accross the year. This can vary from a few hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge for you to pay yearly, normally this is not a exorbitant figure, say approximately £50-£100 but you should to enquire as on occasion it can be many hundreds of pounds.

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