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Frequently asked questions relating to Bispham leasehold conveyancing

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Bispham. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Bispham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bispham so you should seriously consider looking for a Bispham conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.

My wife and I purchased a leasehold house in Bispham. Conveyancing and Santander mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Bispham who previously acted has now retired.Any advice?

The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Bispham conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a long established estate agency in Bispham where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Bispham conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?

Provided that 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. 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 Bispham from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Bispham can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
  • The majority freeholders or Management Companies in Bispham levy fees 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 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 Bispham.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Bispham state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such works. Should you dont have the consents in place do not contact the landlord without checking with your conveyancer first.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Obtaining a duplicate share certificate is often a lengthy process and slows down many a Bispham home move. If a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.

    • What makes a Bispham lease problematic?

    Leasehold conveyancing in Bispham is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Virgin Money, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

    Bispham Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing

      How long is the Lease? What is the annual service fee and ground rent? Most Bispham leasehold flats will have a service charge for maintenance of the building levied by the management company. Should you buy the property you will have to meet this contribution, normally quarterly accross the year. This could be anything from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent to be met yearly, normally this is not a large figure, say approximately £50-£100 but you need to enquire as on occasion it can be many hundreds of pounds.

    Other Topics

    Lease Extensions in Bispham