Experts for Leasehold Conveyancing in Bradley Stoke

Leasehold conveyancing in Bradley Stoke 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 Bradley Stoke and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Bradley Stoke leasehold conveyancing

I would like to rent out my leasehold apartment in Bradley Stoke. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

Notwithstanding that your last Bradley Stoke 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 lease is silent, subletting is allowed. There may be a precondition that you are obliged to obtain consent via your landlord or other appropriate person before subletting. This means you not allowed to sublet without prior permission. Such consent must not not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

I am attracted to a two flats in Bradley Stoke both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

I've recently bought a leasehold property in Bradley Stoke. Do I have any liability for service charges for periods before my ownership?

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 Bradley Stoke from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Bradley Stoke can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
  • Many landlords or Management Companies in Bradley Stoke levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Bradley Stoke.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Bradley Stoke leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such changes. Should you fail to have the paperwork in place you should not contact the landlord without checking with your conveyancer before hand.
  • A minority of Bradley Stoke leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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 purchasers or their lawyers.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

  • What makes a Bradley Stoke lease unmortgageable?

    Leasehold conveyancing in Bradley Stoke is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Britannia all have very detailed 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 provide security, forcing the purchaser to pull out.

    I purchased a basement flat in Bradley Stoke, conveyancing was carried out in 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Bradley Stoke with over 90 years remaining are worth £266,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2088

    With just 66 years unexpired the likely cost is going to span between £13,300 and £15,400 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Bradley Stoke