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Bedford leasehold conveyancing Example Support Desk Enquiries

Expecting to exchange soon on a ground floor flat in Bedford. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

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

  • You should receive a copy of the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • 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.
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Bedford please enquire of your conveyancer in advance of your conveyancing in Bedford

    • Back In 2007, I bought a leasehold house in Bedford. Conveyancing and National Westminster Bank mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Bedford who acted for me is not around.What should I do?

    First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Bedford conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am looking at a couple of apartments in Bedford both have in the region of forty five years unexpired on the leases. should I be concerned?

    A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

    Can you provide any top tips for leasehold conveyancing in Bedford with the intention of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Bedford can be bypassed where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers representatives.
    • A minority of Bedford leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Organising a new share certificate is often a lengthy process and frustrates many a Bedford home move. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Bedford lease problematic?

    Leasehold conveyancing in Bedford is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Barnsley Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.

    I own a studio flat in Bedford, conveyancing formalities finalised 2012. How much will my lease extension cost? Comparable properties in Bedford with a long lease are worth £203,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2097

    With only 71 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Bedford