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Leasehold conveyancing in Frenchay 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 Frenchay and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Frequently asked questions relating to Frenchay leasehold conveyancing

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Frenchay. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Frenchay ?

The majority of houses in Frenchay are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Frenchay in which case you should be looking for a Frenchay conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant 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 carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.

I am attracted to a two flats in Frenchay which have approximately forty five years unexpired on the lease term. Do I need to be concerned?

A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

I am a negotiator for a busy estate agent office in Frenchay where we see a few flat sales derailed as a result of short leases. I have received conflicting advice from local Frenchay conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has been the owner 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. The benefit of this is that the buyer need not have 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 before, or at the same time as completion of the disposal of the property.

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 buyer.

Can you provide any advice for leasehold conveyancing in Frenchay with the purpose of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Frenchay can be bypassed if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Frenchay state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such works. If you fail to have the paperwork to hand do not contact the landlord without contacting your solicitor before hand.
  • A minority of Frenchay leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Organising a new share certificate is often a lengthy formality and delays many a Frenchay conveyancing deal. Where a new share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but you should verify this 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 important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What are the common deficiencies that you encounter in leases for Frenchay properties?

    Leasehold conveyancing in Frenchay is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements 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

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Leeds Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

    I purchased a 1st floor flat in Frenchay, conveyancing was carried out in 2002. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Frenchay with over 90 years remaining are worth £189,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2102

    With just 78 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Frenchay