Fixed-fee leasehold conveyancing in Kingswood:

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

Kingswood leasehold conveyancing: Q and A’s

I am tempted by the attractive purchase price for a couple of flats in Kingswood both have approximately 50 years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Kingswood. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

I've recently bought a leasehold property in Kingswood. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What advice can you give us when it comes to choosing a Kingswood conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Kingswood conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Kingswood conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How familiar is the firm with lease extension legislation?
  • What are the charges for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Kingswood with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Kingswood can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Kingswood state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such works. Should you fail to have the approvals to hand you should not contact the landlord without checking with your solicitor in the first instance.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Obtaining a re-issued share certificate is often a time consuming process and delays many a Kingswood conveyancing deal. Where a reissued share is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Are there frequently found deficiencies that you encounter in leases for Kingswood properties?

    Leasehold conveyancing in Kingswood is not unique. All leases are unique and legal mistakes in the legal wording can result in 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
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

    I own a leasehold flat in Kingswood, conveyancing having been completed in 1998. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Kingswood with a long lease are worth £245,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease terminates on 21st October 2084

    With just 60 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 plus costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Kingswood