Having had my offer accepted I require leasehold conveyancing in Bracebridge Heath. 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 almost all are in Bracebridge Heath - 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.

Frank (my husband) and I may need to sub-let our Bracebridge Heath ground floor flat for a while due to taking a sabbatical. We instructed a Bracebridge Heath conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

The lease governs relations between the landlord and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Bracebridge Heath do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I am tempted by the attractive purchase price for a two apartments in Bracebridge Heath which have in the region of forty five years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Bracebridge Heath is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less attractive. 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 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 Bracebridge Heath 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Last month I purchased a leasehold house in Bracebridge Heath. Do I have any liability for service charges for periods before completion of my purchase?

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).

Are there frequently found defects that you encounter in leases for Bracebridge Heath properties?

There is nothing unique about leasehold conveyancing in Bracebridge Heath. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

Bracebridge Heath Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

Are there any major works in the near future that could increase the service costs? Most Bracebridge Heath leasehold apartments will incur a service bill for the upkeep of the building invoiced by the management company. Should you acquire the apartment you will have to meet this liability, normally periodically during the year. This could differ from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay yearly, this is usually not a significant figure, say approximately £50-£100 but you should to enquire as sometimes it can be prohibitively expensive. Is there a share of the freehold?

Other Topics

Lease Extensions in Bracebridge Heath