Guaranteed fixed fees for Leasehold Conveyancing in Bodfari

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Questions and Answers: Bodfari leasehold conveyancing

Expecting to complete next month on a ground floor flat in Bodfari. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Bodfari should include some of the following:

  • You should receive a copy of the lease
  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • You should be told what counts as a Nuisance in the lease
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Bodfari please ask your solicitor in ahead of your conveyancing in Bodfari

    • I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Bodfari. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bodfari ?

    The majority of houses in Bodfari are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Bodfari so you should seriously consider looking for a Bodfari conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.

    I am attracted to a two apartments in Bodfari both have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold flat in Bodfari is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less marketable. 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 a residence 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 Bodfari conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

    Do you have any advice for leasehold conveyancing in Bodfari with the intention of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Bodfari can be bypassed if you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
    • Many landlords or Management Companies in Bodfari levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Bodfari.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Bodfari leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such alterations. Should you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer before hand.
  • A minority of Bodfari leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Obtaining a new share certificate can be a lengthy formality and slows down many a Bodfari home move. If a duplicate share is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.

    • All being well we will complete the sale of our £275000 maisonette in Bodfari in just under a week. The management company has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Bodfari?

    Bodfari conveyancing on leasehold apartments often requires the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality one has no choice but to pay whatever is requested of you should you wish to sell the property.

    I inherited a 1 bedroom flat in Bodfari, conveyancing was carried out 1996. How much will my lease extension cost? Corresponding properties in Bodfari with a long lease are worth £232,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2096

    You have 71 years left to run we estimate the price of your lease extension to span between £13,300 and £15,400 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Bodfari