Fixed-fee leasehold conveyancing in Bishops Lydeard:

Get a Quote

Need to find a solicitor for leasehold conveyancing in Bishops Lydeard on your lender’s panel? Use our search tool to find leading local Bishops Lydeard conveyancing lawyers or nationwide solicitors on your lender’s panel .

Bishops Lydeard leasehold conveyancing Example Support Desk Enquiries

I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Bishops Lydeard. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in Bishops Lydeard are freehold rather than 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 buying in Bishops Lydeard in which case you should be looking for a Bishops Lydeard conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.

I work for a reputable estate agency in Bishops Lydeard where we have witnessed a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Bishops Lydeard conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?

Provided that the seller has been the owner 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. This means that the buyer 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 has to be done before, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 purchaser.

Can you offer any advice when it comes to finding a Bishops Lydeard conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Bishops Lydeard conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Bishops Lydeard conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • How experienced is the practice with lease extension legislation?
  • Can they put you in touch with client in Bishops Lydeard who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Bishops Lydeard with the purpose of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Bishops Lydeard can be reduced if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers solicitors.
    • A minority of Bishops Lydeard leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may need to swallow your pride and 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 rather than unsettled.
  • If you hold a share in a the freehold, you should ensure that you have the original share document. Organising a duplicate share certificate is often a lengthy formality and delays many a Bishops Lydeard conveyancing transaction. Where a duplicate share is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is under 80 years. It is therefore important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • In relation to leasehold conveyancing in Bishops Lydeard what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Bishops Lydeard. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. 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
    • 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

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Norwich and Peterborough Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Leasehold Conveyancing in Bishops Lydeard - Sample of Queries before buying

      Be sure to enquire if there are any onerous prohibitions in the lease. For example it is very common in Bishops Lydeard leases that pets are not permitted in certain buildings in Bishops Lydeard. If you love the apartmentin Bishops Lydeard yet your cat can’t move with you then you will be faced hard compromise. The best form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this arrangement the tenants enjoy control and even though a managing agent is usually retained if the building is larger than a house conversion, the managing agent is directed by the tenants. Does the lease include onerous restrictions?

    Other Topics

    Lease Extensions in Bishops Lydeard