Having had my offer accepted I require leasehold conveyancing in Bradford. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in Bradford - 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.

I have just started marketing my garden apartment in Bradford.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is clear 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a two flats in Bradford both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Bradford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with less than 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 premises 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 Bradford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.

Do you have any top tips for leasehold conveyancing in Bradford with the intention of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Bradford can be bypassed if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers lawyers.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Bradford leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such works. If you dont have the consents in place do not communicate with the landlord without checking with your solicitor before hand.

Are there common deficiencies that you encounter in leases for Bradford properties?

There is nothing unique about leasehold conveyancing in Bradford. All leases are individual and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You could 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. Nationwide Building Society, Virgin Money, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Bradford Leasehold Conveyancing - Sample of Queries before buying

Are any of leasehold owners in dispute over their service charge payments? What is the yearly maintenance fee and ground rent? Its a good idea to find out as much as you can regarding the company managing the building as they will either make living at the property much simpler or a lot more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to practical issues such as the cleanliness of the common parts. Enquire of other people what they think of their service. Finally, be sure you know the dates that the maintenance fees are due to the managing agents and specifically what it includes.

Other Topics

Lease Extensions in Bradford