Guaranteed fixed fees for Leasehold Conveyancing in Bideford

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Sample questions relating to Bideford leasehold conveyancing

I am in need of some leasehold conveyancing in Bideford. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Bideford - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Looking forward to exchange soon on a studio apartment in Bideford. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Bideford should include some of the following:

  • Setting out your legal entitlements in respect of the communal areas in the building.By way of example, does the lease contain a right of way over an accessway or hallways?
  • You should be told what counts as a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Bideford please enquire of your solicitor in advance of your conveyancing in Bideford

    • I am employed by a busy estate agency in Bideford where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Bideford conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

    As long as 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

    An alternative approach is to extend the lease informally by agreement with the landlord 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.

    Do you have any top tips for leasehold conveyancing in Bideford from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Bideford can be reduced where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
    • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Bideford state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the consents to hand do not contact the landlord without contacting your lawyer first.
  • Some Bideford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Obtaining a replacement share certificate can be a time consuming process and delays many a Bideford conveyancing transaction. Where a duplicate share certificate is needed, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • What makes a Bideford lease defective?

    There is nothing unique about leasehold conveyancing in Bideford. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • 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

    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. Birmingham Midshires, Virgin Money, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    I am the registered owner of a studio flat in Bideford, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Bideford with an extended lease are worth £250,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2087

    With just 62 years unexpired we estimate the premium for your lease extension to range between £21,900 and £25,200 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Bideford