Fixed-fee leasehold conveyancing in Bridport:

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Questions and Answers: Bridport leasehold conveyancing

I wish to rent out my leasehold flat in Bridport. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

A small minority of properties in Bridport do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests 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've recently bought a leasehold property in Bridport. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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 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 speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Bridport can be reduced where you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers conveyancers.
  • A minority of Bridport leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Arranging a new share certificate can be a lengthy formality and delays many a Bridport conveyancing transaction. If a reissued share is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but you should double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible 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.

    • If all goes to plan we aim to complete our sale of a £350000 apartment in Bridport next week. The freeholder has quoted £384 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Bridport?

    Bridport conveyancing on leasehold apartments usually involves the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the charge is technically not due. In reality you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

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

    There is nothing unique about leasehold conveyancing in Bridport. Most leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair 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

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    Bridport Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

      How much is the ground rent and service charge? Generally speaking the cost for major works are not incorporated into the maintenance charges, although a few managing agents in Bridport require leasehold owners to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance. Its a good idea to find out as much as possible regarding the managing agents as they can either make your living at the property much simpler or much more difficult. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily issues such as the tidiness of the communal areas. Enquire of prospective neighbours what they think of them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and specifically what it includes.

    Other Topics

    Lease Extensions in Bridport