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

If the lease is registered - and most are in Bishopston - then the leasehold title will always include the short particulars 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 am looking at a couple of maisonettes in Bishopston which have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat 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 value of the premises. For most purchasers and banks, leases with under 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 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Last month I purchased a leasehold flat in Bishopston. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any advice for leasehold conveyancing in Bishopston with the purpose of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Bishopston can be bypassed if you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
• The majority freeholders or managing agents in Bishopston charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Bishopston.

Are there frequently found deficiencies that you witness in leases for Bishopston properties?

There is nothing unique about leasehold conveyancing in Bishopston. Most leases are individual and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

I purchased a basement flat in Bishopston, conveyancing was carried out in 2009. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Bishopston with a long lease are worth £187,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2094

With 69 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. 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 considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

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Lease Extensions in Bishopston