Examples of recent questions relating to leasehold conveyancing in Bedminster
Expecting to complete next month on a ground floor flat in Bedminster. Conveyancing solicitors inform 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 Bedminster should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Bedminster. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bedminster ?
The majority of houses in Bedminster are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bedminster in which case you should be shopping around for a Bedminster conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
Last month I purchased a leasehold house in Bedminster. Am I liable to pay service charges relating to a period prior to my ownership?
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. Strange as it may seem, 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 a negotiator for a long established estate agency in Bedminster where we see a number of leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Bedminster conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
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 buyer.
Are there frequently found defects that you come across in leases for Bedminster properties?
Leasehold conveyancing in Bedminster is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
- 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.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
I acquired a leasehold flat in Bedminster, conveyancing having been completed in 2012. How much will my lease extension cost? Comparable properties in Bedminster with over 90 years remaining are worth £264,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2099
You have 78 years left to run we estimate the premium for your lease extension to be between £13,300 and £15,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.