Fixed-fee leasehold conveyancing in Hotwells:

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Any conveyancing practice can theoretically handle your leasehold conveyancing in Hotwells, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Hotwells leasehold conveyancing

I am hoping to exchange soon on a ground floor flat in Hotwells. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • 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 included in your report on your leasehold property in Hotwells please enquire of your solicitor in ahead of your conveyancing in Hotwells

    • I am employed by a busy estate agency in Hotwells where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Hotwells conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

    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 need not have to wait 2 years for a lease extension. 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 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 offer any advice when it comes to appointing a Hotwells conveyancing firm to deal with our lease extension?

    If you are instructing a solicitor for your lease extension (regardless if they are a Hotwells conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Hotwells conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

    • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Hotwells who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Hotwells with the aim of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Hotwells can be reduced if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Hotwells state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the consents in place you should not contact the landlord without contacting your lawyer first.
  • A minority of Hotwells leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve 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 purchasers, but it is clearly preferable to reveal the dispute as historic rather than unresolved.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Obtaining a new share certificate can be a time consuming process and slows down many a Hotwells home move. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.

    • What makes a Hotwells lease problematic?

    Leasehold conveyancing in Hotwells is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Bank of Scotland, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

    I invested in buying a garden flat in Hotwells, conveyancing was carried out half a dozen 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? Comparable flats in Hotwells with a long lease are worth £245,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ceases on 21st October 2095

    With just 70 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as costs.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

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    Lease Extensions in Hotwells