I am looking at a couple of apartments in Thornbury both have about forty five years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Thornbury is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. 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 property 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 premises 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 Thornbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I've recently bought a leasehold property in Thornbury. Do I have any liability for 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 ensure 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).

I am a negotiator for a reputable estate agent office in Thornbury where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Thornbury conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?

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 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 prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is 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 buyer.

Can you provide any advice for leasehold conveyancing in Thornbury with the intention of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Thornbury can be avoided where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers representatives.
• If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Thornbury state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. If you fail to have the approvals in place you should not contact the landlord without checking with your conveyancer before hand.

All being well we will complete our sale of a £225000 apartment in Thornbury on Thursday in a week. The management company has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Thornbury?

Thornbury conveyancing on leasehold maisonettes more often than not involves the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries most will be content to do so. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.

Thornbury Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

For many Thornbury leaseholds the cost for major works tend not to be included within maintenance charges, albeit that there some managing agents in Thornbury require leasehold owners to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance. How many of the leaseholders are in arrears for their maintenance charge payments? You will want to find out as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the cleanliness of the common parts. Ask prospective neighbours what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.

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Lease Extensions in Thornbury