Frequently asked questions relating to Bishopsworth leasehold conveyancing
I am on look out for some leasehold conveyancing in Bishopsworth. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is registered - and most are in Bishopsworth - 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.
There are only Fifty years remaining on my flat in Bishopsworth. I am keen to get lease extension but my freeholder is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to track down the lessor. For most situations a specialist would be helpful to carry out a search and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Bishopsworth.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Bishopsworth. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bishopsworth ?
Most houses in Bishopsworth are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Bishopsworth in which case you should be shopping around for a Bishopsworth 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 tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should advise you fully on all the issues.
I am a negotiator for a busy estate agency in Bishopsworth where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Bishopsworth conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 prior to, or simultaneously with completion of the disposal of the property.
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 buyer.
What advice can you give us when it comes to appointing a Bishopsworth conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Bishopsworth conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Bishopsworth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
I am the registered owner of a ground floor flat in Bishopsworth, conveyancing was carried out 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Bishopsworth with over 90 years remaining are worth £247,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ends on 21st October 2074
You have 50 years left to run we estimate the price of your lease extension to range between £40,900 and £47,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
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