Leasehold Conveyancing in Chipping Sodbury - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Chipping Sodbury is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Chipping Sodbury and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Chipping Sodbury leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Chipping Sodbury. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is registered - and almost all are in Chipping Sodbury - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Estate agents have just been given the go-ahead to market my ground floor apartment in Chipping Sodbury.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – what should I do?

It best that you pay the invoice 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 management companies will not acknowledge the buyer unless 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. This will smooth the conveyancing process.

I've found a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Chipping Sodbury. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Chipping Sodbury are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Chipping Sodbury so you should seriously consider shopping around for a Chipping Sodbury conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two apartments in Chipping Sodbury which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field

Do you have any advice for leasehold conveyancing in Chipping Sodbury from the point of view of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Chipping Sodbury can be avoided if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
  • The majority landlords or Management Companies in Chipping Sodbury charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Chipping Sodbury.
  • A minority of Chipping Sodbury 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 obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Obtaining a re-issued share certificate is often a time consuming formality and frustrates many a Chipping Sodbury conveyancing deal. If a new share is needed, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I bought a ground floor flat in Chipping Sodbury, conveyancing formalities finalised 6 years ago. 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 properties in Chipping Sodbury with over 90 years remaining are worth £175,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2096

    You have 71 years remaining on your lease the likely cost is going to range between £13,300 and £15,400 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 renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures 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. You should not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Chipping Sodbury