I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Bedworth. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Bedworth ?

The majority of houses in Bedworth are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bedworth so you should seriously consider looking for a Bedworth conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.

Back In 2009, I bought a leasehold flat in Bedworth. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Bedworth who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Bedworth conveyancing solicitor 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 freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two flats in Bedworth both have in the region of fifty years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Bedworth is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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 Bedworth 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

What advice can you give us when it comes to finding a Bedworth conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Bedworth conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Bedworth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• If they are not ALEP accredited then why not?

We expect to complete the sale of our £500000 flat in Bedworth next week. The management company has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Bedworth?

Bedworth conveyancing on leasehold apartments often involves the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They are at liberty invoice a reasonable administration fee for answering questions 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 above £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.

I bought a leasehold flat in Bedworth, conveyancing having been completed 4 years ago. 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? Corresponding flats in Bedworth with over 90 years remaining are worth £205,000. The average or mid-range amount of ground rent is £60 yearly. The lease terminates on 21st October 2093

You have 68 years left to run we estimate the premium for your lease extension to range between £12,400 and £14,200 plus costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

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Lease Extensions in Bedworth