I am hoping to sign contracts shortly on a studio apartment in Bridport. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Bridport should include some of the following:

• You should be sent a copy of the lease

Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

Defining your legal entitlements in relation to common areas in the block.For instance, does the lease grant a right of way over a path or hallways?

Whether the lease restricts you from renting out the flat, or having a home office for business

You should be told what counts as a Nuisance in the lease

Ground rent - how much and when you need to pay, and also know whether this will change in the future

Changes to the flat (alterations and additions) For a comprehensive list of information to be included in your report on your leasehold property in Bridport please enquire of your conveyancer in ahead of your conveyancing in Bridport

I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Bridport. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Bridport ?

The majority of houses in Bridport are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Bridport in which case you should be looking for a Bridport 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. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a two apartments in Bridport which have in the region of forty five years left on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Bridport is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with under eighty 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 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 Bridport 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

I am a negotiator for a long established estate agency in Bridport where we have witnessed a number of flat sales derailed due to short leases. I have been given contradictory information from local Bridport conveyancing firms. Please can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner 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. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 buyer.

All being well we will complete the sale of our £350000 flat in Bridport in six days. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Bridport?

For most leasehold sales in Bridport conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering conveyancing due diligence enquiries
• Where consent is required before sale in Bridport
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Bridport leasehold property is £350. For Bridport conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

Leasehold Conveyancing in Bridport - Examples of Queries before Purchasing

It would be prudent to find out as much as possible about the company managing the block as they will either make your life much simpler or uncomfortable. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the cleanliness of the common parts. Don't be afraid to ask other people whether they are happy with them. Finally, find out the dates that the maintenance fees are due to the managing agents and precisely what it includes. Is anyone aware of any major works in the near future that will increase the service charges? Does the lease include onerous restrictions?

Other Topics

Lease Extensions in Bridport