Recently asked questions relating to Bedminster leasehold conveyancing
I am attracted to a two maisonettes in Bedminster both have about fifty years unexpired on the lease term. Do I need to be concerned?
There are plenty of short leases in Bedminster. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
I've recently bought a leasehold house in Bedminster. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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 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).
What advice can you give us when it comes to choosing a Bedminster 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 Bedminster conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Bedminster conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Bedminster with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bedminster can be avoided where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Bedminster leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord approving such works. Should you dont have the paperwork in place do not contact the landlord without checking with your solicitor before hand.
In relation to leasehold conveyancing in Bedminster what are the most frequent lease defects?
Leasehold conveyancing in Bedminster is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Alliance & Leicester all have very detailed requirements 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, obliging the purchaser to pull out.
Bedminster Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
Are any of leasehold owners in dispute over their service charge liability?
In the main the outlay for major works are not included within service charges, although there some managing agents in Bedminster ask leaseholders to contribute towards a reserve fund and this is used to offset against major works.
Does the lease contain onerous restrictions?