Questions and Answers: Frenchay Common leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Frenchay Common. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Frenchay Common - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only Seventy years remaining on my flat in Frenchay Common. I now want to extend my lease but my freeholder is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the lessor. For most situations a specialist should be useful to carry out a search and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Frenchay Common.
I have just started marketing my basement apartment in Frenchay Common.Conveyancing lawyers have not yet been instructed but I have just had a quarterly 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 managing agents will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Frenchay Common. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Frenchay Common ?
Most houses in Frenchay Common are freehold rather than 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 Frenchay Common in which case you should be shopping around for a Frenchay Common conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.
Can you provide any advice for leasehold conveyancing in Frenchay Common from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Frenchay Common can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Frenchay Common leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such changes. If you dont have the consents in place you should not communicate with the landlord without checking with your conveyancer before hand.
I acquired a 2 bed flat in Frenchay Common, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Corresponding properties in Frenchay Common with over 90 years remaining are worth £260,000. The ground rent is £60 invoiced annually. The lease terminates on 21st October 2074
You have 53 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. 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.