Back In 2007, I bought a leasehold flat in Bedminster. Conveyancing and Yorkshire Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Bedminster who previously acted has now retired.Do I pay?

First contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Bedminster conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two apartments in Bedminster both have approximately fifty years left on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Bedminster is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bedminster conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any advice for leasehold conveyancing in Bedminster with the aim of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Bedminster can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
• Many freeholders or managing agents in Bedminster charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Bedminster.

We expect to complete our sale of a £450000 garden flat in Bedminster in 10 days. The management company has quoted £396 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Bedminster?

Bedminster conveyancing on leasehold maisonettes usually involves the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be content to do so. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The management information fee levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have little option but to pay whatever is demanded if you want to exchange contracts with the buyer.

Are there frequently found deficiencies that you see in leases for Bedminster properties?

There is nothing unique about leasehold conveyancing in Bedminster. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Britannia all have express 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 provide security, forcing the buyer to pull out.

I bought a basement flat in Bedminster, conveyancing formalities finalised in 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Bedminster with a long lease are worth £193,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2082

With 57 years remaining on your lease we estimate the price of your lease extension to span between £28,500 and £33,000 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Bedminster