Leasehold Conveyancing in Bishopston - Get a Quote from the leasehold experts approved by your lender

Get a Quote

Any conveyancing solicitor 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

Top Five Questions relating to Bishopston leasehold conveyancing

I am on look out for some leasehold conveyancing in Bishopston. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Bishopston - then the leasehold title will always include the basic details 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.

Planning to sign contracts shortly on a garden flat in Bishopston. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?

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

  • Setting out your rights in respect of common areas in the building.For example, does the lease contain a right of way over an accessway or hallways?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • 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
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • 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 a comprehensive list of information to be contained in your report on your leasehold property in Bishopston please enquire of your solicitor in advance of your conveyancing in Bishopston

    • I am looking at a couple of flats in Bishopston both have about fifty years unexpired on the leases. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Bishopston is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 a residence 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.

    What advice can you give us when it comes to appointing a Bishopston conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Bishopston conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Bishopston conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • Can they put you in touch with client in Bishopston who can give a testimonial?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Bishopston from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Bishopston can be avoided where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
    • The majority freeholders or managing agents in Bishopston levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Bishopston.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers 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 the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Obtaining a new share certificate can be a time consuming formality and frustrates many a Bishopston conveyancing deal. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Bishopston Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing

      You will want to find out as much as possible concerning the company managing the block as they will either make living at the property much easier or problematic. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily issues like the tidiness of the common parts. Ask prospective neighbours whether they are happy with their service. Finally, find out the dates that the maintenance fees are due to the managing agents and precisely how they are spending the funds. Is anyone aware of any major works on the horizon that will likely add a premium to the service fees? The best form of lease structure is a share of the freehold. In this scenario the lessees enjoy being in charge if their destiny and although a managing agent is usually employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.

    Other Topics

    Lease Extensions in Bishopston