Fixed-fee leasehold conveyancing in Bedford:

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Sample questions relating to Bedford leasehold conveyancing

I am in need of some leasehold conveyancing in Bedford. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and most are in Bedford - 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've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Bedford. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

Most houses in Bedford are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Bedford in which case you should be shopping around for a Bedford conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am attracted to a couple of maisonettes in Bedford both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Bedford is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more upbeat 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 premises 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 Bedford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

What are your top tips when it comes to appointing a Bedford conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Bedford conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Bedford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

  • Can they put you in touch with client in Bedford who can give a testimonial?
  • What are the charges for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Bedford from the perspective of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Bedford can be reduced where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
    • The majority freeholders or Management Companies in Bedford levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Bedford.
  • Some Bedford leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (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 solicitors.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a lengthy process and slows down many a Bedford conveyancing deal. If a new share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Bedford Leasehold Conveyancing - Sample of Queries before buying

      Who are the managing agents? It is important to be aware if a new roof is being put on or some other significant cost is coming up that will be shared by the leasehold owners and will dramatically impact the level of the service charges or require a specific invoice. This question is useful as a) areas could cause problems for the block as the common areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have all the details

    Other Topics

    Lease Extensions in Bedford