Having had my offer accepted I require leasehold conveyancing in Bishopston. Before diving in I want to be sure as to the remaining lease term.

If the lease is registered - and most 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.

I have just appointed agents to market my ground floor flat in Bishopston.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge invoice – Do I pay up?

The sensible thing to do is clear 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am employed by a long established estate agent office in Bishopston where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Bishopston conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-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 has to be done prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 buyer.

Can you provide any advice for leasehold conveyancing in Bishopston with the aim of expediting the sale process?

• Much of the delay in leasehold conveyancing in Bishopston can be avoided if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
• The majority landlords or managing agents in Bishopston charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Bishopston.

Are there common problems that you come across in leases for Bishopston properties?

Leasehold conveyancing in Bishopston is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• 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

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

I inherited a 1 bedroom flat in Bishopston, conveyancing formalities finalised in 1996. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Bishopston with an extended lease are worth £268,000. The ground rent is £55 yearly. The lease expires on 21st October 2085

You have 61 years remaining on your lease the likely cost is going to span between £20,000 and £23,000 plus professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Bishopston