I am on look out for some leasehold conveyancing in Bodfari. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Bodfari - 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.

Estate agents have just been given the go-ahead to market my basement flat in Bodfari.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – Do I pay up?

It best that you pay the invoice 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 management companies will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Bodfari. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Bodfari ?

Most houses in Bodfari are freehold and not leasehold. This is one of the situations where 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 Bodfari in which case you should be looking for a Bodfari conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.

Last month I purchased a leasehold property in Bodfari. Do I have any liability for service charges relating to a period prior to my ownership?

In a situation 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

What are your top tips when it comes to choosing a Bodfari conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Bodfari conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Bodfari conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• Can they put you in touch with client in Bodfari who can give a testimonial?

I invested in buying a basement flat in Bodfari, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Bodfari with over 90 years remaining are worth £249,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2086

With only 60 years remaining on your lease we estimate the premium for your lease extension to range between £20,900 and £24,200 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt 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 move forward based on this information before seeking the advice of a professional.

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Lease Extensions in Bodfari