Leasehold Conveyancing in Bourton on the Water - Get a Quote from the leasehold experts approved by your lender

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Bourton on the Water leasehold conveyancing: Q and A’s

I am intending to let out my leasehold apartment in Bourton on the Water. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Notwithstanding that your last Bourton on the Water conveyancing solicitor is no longer available you can review your lease to check if you are permitted to let out the property. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to obtain consent via your landlord or other appropriate person before subletting. This means that you cannot sublet without prior permission. Such consent should not be unreasonably turned down. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.

Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Bourton on the Water. I need to extend my lease but my landlord is absent. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have done all that could be expected to locate the freeholder. For most situations a specialist would be useful to conduct investigations and prepare an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court overseeing Bourton on the Water.

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

The sensible thing to do is 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 hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Bourton on the Water. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Bourton on the Water are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Bourton on the Water so you should seriously consider looking for a Bourton on the Water conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant 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 conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.

I am attracted to a couple of flats in Bourton on the Water both have approximately fifty years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Bourton on the Water is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive 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 Bourton on the Water 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 the agreed 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.

Bourton on the Water Leasehold Conveyancing - Examples of Queries before buying

    Plenty Bourton on the Water leasehold apartments will have a service charge for maintenance of the block set by the freeholder. If you purchase the apartment you will have to pay this amount, usually quarterly during the year. This can vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a ground rent for you to pay yearly, this is usually not a significant sum, say approximately £25-£75 but you should to enquire as occasionally it could be prohibitively expensive. How many of the leaseholders are in arrears for their service charge payments? On the whole the cost for major works tend not to be built into the maintenance charges, albeit that a few managing agents in Bourton on the Water require tenants to pay into a reserve fund and this is used to offset against larger repairs or maintenance.

Other Topics

Lease Extensions in Bourton on the Water