Common questions relating to Bishopston leasehold conveyancing
I want to rent out my leasehold flat in Bishopston. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Some leases for properties in Bishopston do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am attracted to a two flats in Bishopston which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
I am employed by a reputable estate agent office in Bishopston where we have experienced a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Bishopston conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 agree the lease extension with the freeholder 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.
Do you have any advice for leasehold conveyancing in Bishopston from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Bishopston can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s approval? 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 acquiescing to such alterations. Where you dont have the consents to hand you should not communicate with the landlord without contacting your solicitor in advance.
If all goes to plan we aim to complete the sale of our £175000 maisonette in Bishopston in just under a week. The management company has quoted £312 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Bishopston?
Bishopston conveyancing on leasehold flats often necessitates the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to do so. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
Bishopston Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
Plenty Bishopston leasehold apartments will have a service charge for the upkeep of the building levied by the landlord. If you buy the apartment you will have to meet this liability, normally quarterly during the year. This could differ from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay annual, this is usually not a exorbitant amount, say about £25-£75 but you should to enquire it because on occasion it can be surprisingly expensive.
Is there a share of the freehold?
The prefered form of lease structure is a share of the freehold. In this scenario the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent is directed by the tenants.