I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Bridport. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Bridport ?

The majority of houses in Bridport are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Bridport in which case you should be shopping around for a Bridport conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I am attracted to a couple of maisonettes in Bridport which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Bridport is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and mortgage companies, leases with under 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 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. 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 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.

Last month I purchased a leasehold house in Bridport. Am I liable to pay 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

What advice can you give us when it comes to appointing a Bridport conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Bridport conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Bridport conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How experienced is the practice with lease extension legislation?

If they are not ALEP accredited then why not?

All being well we will complete our sale of a £450000 apartment in Bridport in just under a week. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Bridport?

Bridport conveyancing on leasehold maisonettes nine out of ten times necessitates administration charges raised by managing agents :

• Completing pre-exchange enquiries
• Where consent is required before sale in Bridport
• Copies of the building insurance and schedule
• 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 premises 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 answers.

Bridport Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

The answer will be useful as a) areas may result in problems for the building as the common areas may start to deteriorate where maintenance remain unpaid b) if the leaseholders have a dispute with the running of the building you will wish to know about it The best form of lease structure is where the freehold title is in the ownership of the leaseholders. In this situation the lessees have being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent employed by the leaseholders. Make sure you find out if the the lease contains any onerous restrictions in the lease. By way of example some leases prohibit pets being allowed in in a block in Bridport. If you love the apartmentin Bridport yet your cat is not allowed to make the move with you then you have a very difficult compromise.

Other Topics

Lease Extensions in Bridport