Questions and Answers: Bishopston leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bishopston. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming 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.
Planning to complete next month on a garden flat in Bishopston. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Bishopston should include some of the following:
- Setting out your legal entitlements in relation to common areas in the building.E.G., does the lease grant a right of way over an accessway or staircase?
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bishopston. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bishopston ?
Most houses in Bishopston are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Bishopston so you should seriously consider looking for a Bishopston conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
I've recently bought a leasehold house in Bishopston. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner 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. It is an essential part 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).
When it comes to leasehold conveyancing in Bishopston what are the most common lease defects?
Leasehold conveyancing in Bishopston is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- 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
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Coventry Building Society, and Godiva Mortgages Ltd 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 withdraw.
I invested in buying a 1st floor flat in Bishopston, conveyancing having been completed 2004. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Bishopston with over 90 years remaining are worth £202,000. The ground rent is £50 levied per year. The lease runs out on 21st October 2084
With only 60 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns 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 based on this information without first seeking the advice of a professional.