Fixed-fee leasehold conveyancing in Bourton on the Water:

Get a Quote

Leasehold conveyancing in Bourton on the Water is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Bourton on the Water and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Common questions relating to Bourton on the Water leasehold conveyancing

My partner and I may need to sub-let our Bourton on the Water basement flat temporarily due to a new job. We used a Bourton on the Water conveyancing practice in 2001 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?

Even though your last Bourton on the Water conveyancing lawyer is no longer around you can check your lease to check if you are permitted to let out the apartment. The rule is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you need to seek permission from your landlord or other appropriate person prior to subletting. This means you not allowed to sublet in the absence of prior permission. Such consent is not allowed to be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.

I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Bourton on the Water. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Bourton on the Water ?

Most houses in Bourton on the Water are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Bourton on the Water in which case you should be looking for a Bourton on the Water conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.

I am looking at a couple of apartments in Bourton on the Water which have approximately forty five years unexpired 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 reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and banks, leases with under 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 property 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 property 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 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.

I've recently bought a leasehold house in Bourton on the Water. 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

Can you provide any top tips for leasehold conveyancing in Bourton on the Water with the intention of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Bourton on the Water can be avoided if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
  • Many landlords or managing agents in Bourton on the Water levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have 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 reason for frustration in leasehold conveyancing in Bourton on the Water.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Bourton on the Water state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the paperwork in place do not communicate with the landlord without contacting your solicitor before hand.
  • A minority of Bourton on the Water 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 put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of 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 as opposed to unsettled.

    • Bourton on the Water Leasehold Conveyancing - Sample of Questions you should consider Prior to buying

      How much is the ground rent and service charge? How many of the leaseholders are in arrears for their service charge payments? Best to be warned if window replacement or some other significant cost is due shortly that will be shared by the leasehold owners and will materially increase the the maintenance fees or necessitate a specific invoice.

    Other Topics

    Lease Extensions in Bourton on the Water