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 Example Support Desk Enquiries

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Bourton on the Water. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Bourton on the Water ?

The majority of houses in Bourton on the Water 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. We note that you are purchasing in Bourton on the Water in which case you should be shopping around for a Bourton on the Water conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.

My wife and I purchased a leasehold house in Bourton on the Water. Conveyancing and Virgin Money mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Bourton on the Water who previously acted has now retired.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Bourton on the Water conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am employed by a busy estate agency in Bourton on the Water where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Bourton on the Water conveyancing solicitors. Could you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

An alternative approach is 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 purchaser.

What are your top tips when it comes to appointing a Bourton on the Water conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Bourton on the Water conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Bourton on the Water conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

  • Can they put you in touch with client in Bourton on the Water who can give a testimonial?
  • What are the costs for lease extension work?

  • Can you provide any advice for leasehold conveyancing in Bourton on the Water with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Bourton on the Water can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • Many landlords or Management Companies in Bourton on the Water charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Bourton on the Water.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Bourton on the Water leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord consenting to such works. Where you dont have the paperwork to hand do not communicate with the landlord without checking with your lawyer before hand.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • You believe that you know the number of years remaining on your lease but you should double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is below 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • Bourton on the Water Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing

      How is the lease structured? It is important to be aware whether window replacement or some other major work is due shortly to be shared amongst the tenants and may well materially impact the level of the maintenance costs or result in a specific payment. The prefered form of lease arrangement is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is often retained where it is bigger than a house conversion, the managing agent retained by the leaseholders.

    Other Topics

    Lease Extensions in Bourton on the Water