Leasehold Conveyancing in Bradley Stoke - Get a Quote from the leasehold experts approved by your lender

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Top Five Questions relating to Bradley Stoke leasehold conveyancing

I am on look out for some leasehold conveyancing in Bradley Stoke. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Bradley Stoke - then the leasehold title will always include the short particulars 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’m about to sell my garden apartment in Bradley Stoke.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – what should I do?

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

Last month I purchased a leasehold house in Bradley Stoke. Do I have any liability for service charges relating to a period prior to 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).

Can you provide any advice for leasehold conveyancing in Bradley Stoke from the point of view of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Bradley Stoke can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
  • The majority freeholders or Management Companies in Bradley Stoke charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Bradley Stoke.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Bradley Stoke leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. Should you fail to have the consents in place you should not communicate with the landlord without contacting your solicitor in the first instance.
  • Some Bradley Stoke leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Organising a duplicate share certificate is often a time consuming formality and slows down many a Bradley Stoke conveyancing deal. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • All being well we will complete our sale of a £150000 garden flat in Bradley Stoke next Friday . The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Bradley Stoke?

    Bradley Stoke conveyancing on leasehold flats usually requires the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    Bradley Stoke Leasehold Conveyancing - Examples of Queries Prior to buying

      On the whole the outlay for major works tend not to be included within maintenance charges, although a few managing agents in Bradley Stoke ask leasehold owners to contribute towards a reserve fund and this is used to offset against major repairs or maintenance. The majority of Bradley Stoke leasehold properties will have a service charge for the upkeep of the building invoiced on behalf of the landlord. Should you buy the flat you will have to meet this charge, usually periodically accross the year. This could differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. In all likelihood there will be a ground rent to be met annual, normally this is not a significant amount, say around £50-£100 but you need to enquire as occasionally it could be surprisingly expensive. It is important to be aware if redecorating or some other significant cost is due in the near future that will be shared amongst the leasehold owners and may well materially impact the level of the service charges or result in a one time invoice.

    Other Topics

    Lease Extensions in Bradley Stoke