Fixed-fee leasehold conveyancing in Bridport:

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Sample questions relating to Bridport leasehold conveyancing

Helen (my wife) and I may need to let out our Bridport garden flat for a while due to taking a sabbatical. We instructed a Bridport conveyancing practice in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your previous Bridport conveyancing solicitor is no longer around you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you need to obtain consent via your landlord or some other party before subletting. This means you not allowed to sublet without prior consent. The consent is not allowed to be unreasonably turned down. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.

I am tempted by the attractive purchase price for a two flats in Bridport which have about 50 years left on the leases. Do I need to be concerned?

A lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

Can you provide any top tips for leasehold conveyancing in Bridport from the point of view of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Bridport can be avoided where you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
  • Many freeholders or managing agents in Bridport charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Bridport.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Bridport state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you fail to have the approvals to hand do not communicate with the landlord without contacting your conveyancer before hand.
  • A minority of Bridport leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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. Organising a replacement share certificate can be a lengthy process and frustrates many a Bridport conveyancing transaction. Where a duplicate share is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350000 apartment in Bridport next week. The freeholder has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Bridport?

    Bridport conveyancing on leasehold apartments more often than not involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They may charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    In relation to leasehold conveyancing in Bridport what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Bridport. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Virgin Money, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    I own a basement flat in Bridport, conveyancing was carried out in 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Bridport with over 90 years remaining are worth £195,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2101

    You have 77 years remaining on your lease we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Bridport