Sample questions relating to Bedminster leasehold conveyancing
I’m about to sell my ground floor apartment in Bedminster.Conveyancing has not commenced but I have just had a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 unless 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 hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently discovered 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 lawyers have not yet been appointed. Will they explain the issues?
Most houses in Bedminster are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Bedminster in which case you should be shopping around for a Bedminster conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
My wife and I purchased a leasehold flat in Bedminster. Conveyancing and TSB mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Bedminster who previously acted has now retired.Do I pay?
First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Bedminster conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of apartments in Bedminster both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Bedminster is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and banks, 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 premises 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 property 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. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.
Can you provide any top tips for leasehold conveyancing in Bedminster from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Bedminster can be avoided where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Bedminster state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such changes. Should you dont have the consents in place do not contact the landlord without checking with your conveyancer in advance.
I purchased a 1 bedroom flat in Bedminster, conveyancing was carried out in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Bedminster with an extended lease are worth £264,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2094
You have 73 years unexpired the likely cost is going to range between £10,500 and £12,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.