Fixed-fee leasehold conveyancing in Bridport:

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Recently asked questions relating to Bridport leasehold conveyancing

My husband and I may need to sub-let our Bridport garden flat for a while due to taking a sabbatical. We used a Bridport conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

A lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Bridport do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

Planning to exchange soon on a basement flat in Bridport. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. What should I be looking out for?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • You must be told what constitutes 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
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be included in your report on your leasehold property in Bridport please enquire of your solicitor in advance of your conveyancing in Bridport

    • I've recently bought a leasehold house in Bridport. Am I liable to pay 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).

    I am a negotiator for a reputable estate agent office in Bridport where we see a number of leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Bridport conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 sale.

    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.

    Can you provide any top tips for leasehold conveyancing in Bridport with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Bridport can be reduced where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
    • Many landlords or Management Companies in Bridport levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have 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.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Bridport state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. Should you fail to have the approvals in place do not communicate with the landlord without checking with your solicitor in the first instance.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Arranging a replacement share certificate can be a lengthy process and slows down many a Bridport home move. Where a reissued share is needed, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is below 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a leasehold flat in Bridport, conveyancing was carried out 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Bridport with over 90 years remaining are worth £264,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2101

    With 76 years left to run we estimate the price of your lease extension to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. 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 you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Bridport