Examples of recent questions relating to leasehold conveyancing in Bridport
Jane (my partner) and I may need to rent out our Bridport ground floor flat temporarily due to a career opportunity. We used a Bridport conveyancing practice in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Bridport do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I have just started marketing my ground floor flat in Bridport.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the service charge 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 until 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.
I've recently bought a leasehold flat in Bridport. Am I liable to pay service charges relating to a period prior to 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. However, 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).
Do you have any top tips for leasehold conveyancing in Bridport from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Bridport can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
- The majority freeholders or managing agents in Bridport levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information 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 frequent cause of delay in leasehold conveyancing in Bridport.
- Some Bridport leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 purchasers or their lawyers.
- If you have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Arranging a replacement share certificate is often a lengthy process and delays many a Bridport home move. Where a duplicate share certificate is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
- You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
Completion in due on our sale of a £ 275000 flat in Bridport next Friday . The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Bridport?
For the majority of leasehold sales in Bridport conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing 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
I own a 1st floor flat in Bridport, conveyancing was carried out 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Bridport with an extended lease are worth £205,000. The average or mid-range amount of ground rent is £50 yearly. The lease ends on 21st October 2090
With just 64 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.