I have just appointed agents to market my basement apartment in Shirehampton.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – Do I pay up?

The sensible thing to do is 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 management companies 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. This will smooth the conveyancing process.

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 just been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Shirehampton. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Shirehampton ?

The majority of houses in Shirehampton are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Shirehampton so you should seriously consider shopping around for a Shirehampton conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.

I am employed by a busy estate agency in Shirehampton where we see a few flat sales put at risk as a result of short leases. I have received inconsistent advice from local Shirehampton conveyancing firms. Can you confirm whether the seller of a flat can commence 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 offer any advice when it comes to finding a Shirehampton conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Shirehampton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Shirehampton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

• If the firm is not ALEP accredited then why not?

What makes a Shirehampton lease unmortgageable?

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

• Repairing obligations to or maintain parts of the building
• 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

You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

Shirehampton Leasehold Conveyancing - Sample of Queries Prior to buying

The prefered form of lease structure is where the freehold interest is owned by the leaseholders. In this arrangement the lessees have being in charge if their destiny and although a managing agent is usually retained if it is bigger than a house conversion, the managing agent retained by the leaseholders. If a Shirehampton lease has less than 80 years it will impact the value of the flat. It is worth checking with your mortgage company that they are content with residual term of the lease. A short lease means that you will probably require a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you would need to own the residence for two years before you are legally able to exercise a lease extension. Make sure you investigate if the the lease includes any adverse restrictions in the lease. For example plenty of leases prohibit pets being allowed in certain buildings in Shirehampton. If you like the flatin Shirehampton yet your cat can’t move with you then you will be faced hard compromise.

Other Topics

Lease Extensions in Shirehampton