Sample questions relating to Bedminster leasehold conveyancing
I am on look out for some leasehold conveyancing in Bedminster. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Bedminster - then the leasehold title will always include the basic details 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 have just appointed agents to market my basement flat in Bedminster.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay 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. This will smooth the conveyancing process.
I am attracted to a two flats in Bedminster both have in the region of fifty years unexpired on the lease term. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Bedminster from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bedminster can be avoided where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
- If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Bedminster leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such works. Where you fail to have the paperwork in place you should not communicate with the landlord without checking with your solicitor before hand.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350000 apartment in Bedminster in nine days. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Bedminster?
Bedminster conveyancing on leasehold flats usually requires the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They may levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I purchased a leasehold flat in Bedminster, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Bedminster with over 90 years remaining are worth £196,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2102
You have 79 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.