Quality lawyers for Leasehold Conveyancing in Bedford

Leasehold conveyancing in Bedford is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Bedford and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Bedford leasehold conveyancing: Q and A’s

I’m about to sell my 2 bed apartment in Bedford.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Bedford. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bedford ?

The majority of houses in Bedford 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. We note that you are buying in Bedford so you should seriously consider shopping around for a Bedford conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.

I am attracted to a couple of maisonettes in Bedford which have in the region of 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Bedford. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

Last month I purchased a leasehold property in Bedford. Am I liable to pay service charges relating to a period prior to completion of my purchase?

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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

I am employed by a busy estate agency in Bedford where we see a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Bedford conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?

Provided that 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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

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.

Bedford Leasehold Conveyancing - Examples of Queries Prior to Purchasing

    How many of the leaseholders are in arrears for their maintenance charge payments? For many Bedford leaseholds the outlay for major works tend not to be wrapped into the service charges, albeit that a few managing agents in Bedford ask leaseholders to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance. Does the lease include onerous restrictions?

Other Topics

Lease Extensions in Bedford