Due to complete next month on a basement flat in Bishops Castle. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?

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

• The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

I have just appointed agents to market my garden flat in Bishops Castle.Conveyancing has not commenced but I have just had a quarterly service charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay 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 management companies will not acknowledge the buyer until 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 today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Bishops Castle. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Bishops Castle ?

The majority of houses in Bishops Castle are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Bishops Castle in which case you should be looking for a Bishops Castle conveyancing solicitor and be sure that they are used to advising on 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 to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.

Completion in due on our sale of a £400000 garden flat in Bishops Castle next week. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Bishops Castle?

Bishops Castle conveyancing on leasehold maisonettes normally requires the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They are entitled charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is above £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the charge is technically not due. In reality you have little option but to pay whatever is demanded if you want to sell the property.

What makes a Bishops Castle lease unacceptable for security purposes?

Leasehold conveyancing in Bishops Castle is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Godiva Mortgages 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 provide security, obliging the purchaser to withdraw.

I invested in buying a basement flat in Bishops Castle, 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 Bishops Castle with over 90 years remaining are worth £220,000. The average or mid-range amount of ground rent is £60 yearly. The lease terminates on 21st October 2079

With just 53 years left to run we estimate the price of your lease extension to be between £32,300 and £37,400 as well as legals.

The figure above 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 this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Bishops Castle