Guaranteed fixed fees for Leasehold Conveyancing in Bishopston

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Any conveyancing practice can theoretically deal with your leasehold conveyancing in Bishopston, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Bishopston leasehold conveyancing: Q and A’s

Planning to exchange soon on a basement flat in Bishopston. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Bishopston should include some of the following:

  • The physical extent of the property. This will be the property itself but might include a loft or basement if appropriate.
  • Are you allowed to have a pet in the flat?
  • Whether the lease restricts you from renting out the property, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For details of the information to be included in your report on your leasehold property in Bishopston please enquire of your lawyer in ahead of your conveyancing in Bishopston

    • Estate agents have just been given the go-ahead to market my ground floor apartment in Bishopston.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 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've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Bishopston. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

    Most houses in Bishopston are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Bishopston so you should seriously consider shopping around for a Bishopston conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should report to you on the legal implications.

    I am tempted by the attractive purchase price for a two apartments in Bishopston which have approximately forty five years unexpired on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Bishopston is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with less than 75 years become less and less attractive. 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 Bishopston 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 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 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 Bishopston from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Bishopston can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
    • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Bishopston state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such alterations. Should you fail to have the approvals to hand you should not communicate with the landlord without contacting your lawyer in the first instance.
  • A minority of Bishopston leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are 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 purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where a dispute is unresolved. You will have to accept that you will have to discharge 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 better to reveal the dispute as over as opposed to ongoing.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a lengthy formality and delays many a Bishopston home move. Where a reissued share certificate is necessary, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • Bishopston Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying

      Does the lease contain onerous restrictions? How much is the ground rent and service charge? How long is the Lease?

    Other Topics

    Lease Extensions in Bishopston