Looking forward to complete next month on a leasehold property in Bedminster. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Bedminster should include some of the following:

• Setting out your legal entitlements in respect of common areas in the building.E.G., does the lease contain a right of way over a path or staircase?

I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Bedminster. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Bedminster are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Bedminster so you should seriously consider looking for a Bedminster conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

I am attracted to a couple of apartments in Bedminster both have in the region of 50 years left on the lease term. Do I need to be concerned?

There are plenty of short leases in Bedminster. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability 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. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

I've recently bought a leasehold property in Bedminster. Do I have any liability for service charges relating to a period prior to my ownership?

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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

What advice can you give us when it comes to appointing a Bedminster conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Bedminster conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Bedminster conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• If they are not ALEP accredited then what is the reason?

I own a garden flat in Bedminster, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Bedminster with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2075

With 51 years remaining on your lease we estimate the premium for your lease extension to be between £33,300 and £38,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Bedminster