I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Frampton Cotterell. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Frampton Cotterell ?

The majority of houses in Frampton Cotterell are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Frampton Cotterell in which case you should be looking for a Frampton Cotterell conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

My wife and I purchased a leasehold flat in Frampton Cotterell. Conveyancing and Clydesdale mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Frampton Cotterell who acted for me is not around.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Frampton Cotterell conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a busy estate agent office in Frampton Cotterell where we see a few flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Frampton Cotterell conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 purchaser.

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

• A significant proportion of the delay in leasehold conveyancing in Frampton Cotterell can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
• Many freeholders or managing agents in Frampton Cotterell levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Frampton Cotterell.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Frampton Cotterell state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such works. If you dont have the consents in place do not contact the landlord without contacting your lawyer first.
• If you have had any disputes with your freeholder 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 property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
• If you hold a share in a the Management Company, you should ensure that you hold the original share document. Organising a new share certificate can be a time consuming formality and slows down many a Frampton Cotterell home move. If a new share is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

What makes a Frampton Cotterell lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Frampton Cotterell. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• 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

You will have 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. Birmingham Midshires, Norwich and Peterborough Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.

I invested in buying a 1 bedroom flat in Frampton Cotterell, conveyancing having been completed 2009. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Frampton Cotterell with an extended lease are worth £266,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2079

With just 53 years remaining on your lease we estimate the price of your lease extension to be between £34,200 and £39,600 as well as professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.