Planning to exchange soon on a leasehold property in Bridport. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?

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

The total extent of the property. This will be the property itself but could also incorporate a roof space or cellar if applicable.

Defining your rights in respect of the communal areas in the block.By way of example, does the lease provide for a right of way over an accessway or staircase?

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

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Whether your lease has a provision for a sinking fund?

Repair and maintenance of the flat For details of the information to be contained in your report on your leasehold property in Bridport please ask your conveyancer in ahead of your conveyancing in Bridport

I've found a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Bridport. Conveyancing advisers have are about to be instructed. Will they explain the issues?

Most houses in Bridport are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Bridport so you should seriously consider looking for a Bridport conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am looking at a couple of apartments in Bridport which have about forty five years remaining on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Bridport is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. 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 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 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.

All being well we will complete the disposal of our £475000 apartment in Bridport in just under a week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Bridport?

Bridport conveyancing on leasehold flats normally necessitates fees being invoiced by management companies :

• Answering pre-contract questions
• 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 lawyer 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 supply the information.

What makes a Bridport lease unacceptable for security purposes?

Leasehold conveyancing in Bridport is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• 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. Yorkshire Building Society, Skipton Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

Bridport Leasehold Conveyancing - A selection of Questions you should consider before Purchasing

How much is the service charge and ground rent on the property? It is important to be aware whether changing the roof or some other significant cost is anticipated to be shared by the tenants and will dramatically increase the the service costs or require a one off payment. You should want to find out as much as possible concerning the company managing the block as they will either make your life much easier or uncomfortable. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the common parts. You should not be shy to ask other people whether they are happy with their management. On a final note, investigate as to the dates that the maintenance charges are due to the relevant party and specifically what you get for your money.

Other Topics

Lease Extensions in Bridport