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

Whether you are buying or selling leasehold flat in Horfield, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Horfield conveyancing lawyer with our search tool

Top Five Questions relating to Horfield leasehold conveyancing

Expecting to sign contracts shortly on a ground floor flat in Horfield. Conveyancing lawyers assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Horfield should include some of the following:

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be contained in your report on your leasehold property in Horfield please ask your lawyer in ahead of your conveyancing in Horfield

  • Estate agents have just been given the go-ahead to market my 2 bed flat in Horfield.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – what should I do?

    It best that you discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Horfield. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

    Most houses in Horfield are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Horfield so you should seriously consider looking for a Horfield conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.

    I am looking at a two apartments in Horfield both have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold apartment in Horfield is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Horfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

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

    • Much of the delay in leasehold conveyancing in Horfield can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
    • Many landlords or managing agents in Horfield levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Horfield.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you hold a share in a the freehold, you should ensure that you hold the original share document. Obtaining a replacement share certificate can be a time consuming process and slows down many a Horfield home move. If a reissued share certificate is needed, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an early stage 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.

  • I purchased a 2 bed flat in Horfield, conveyancing was carried out in 2009. Can you work out an approximate cost of a lease extension? Corresponding properties in Horfield with a long lease are worth £227,000. The average or mid-range amount of ground rent is £60 levied per year. The lease runs out on 21st October 2096

    You have 74 years unexpired we estimate the premium for your lease extension to range between £12,400 and £14,200 as well as costs.

    The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Horfield