Recently asked questions relating to Bishopston leasehold conveyancing
I am in need of some leasehold conveyancing in Bishopston. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - 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.
Jane (my partner) and I may need to rent out our Bishopston basement flat for a while due to taking a sabbatical. We instructed a Bishopston conveyancing practice in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Bishopston conveyancing lawyer is no longer available you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you need to seek consent via your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining permission. The consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I have just appointed agents to market my basement apartment in Bishopston.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge 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 unless 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. This will smooth the conveyancing process.
I am attracted to a two apartments in Bishopston which have about forty five years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Bishopston. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Bishopston from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bishopston can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
- 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 sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bishopston.
I bought a ground floor flat in Bishopston, conveyancing was carried out 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Bishopston with an extended lease are worth £270,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2094
With just 73 years left to run we estimate the price of your lease extension to range between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.