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

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Examples of recent questions relating to leasehold conveyancing in Totterdown

I am on look out for some leasehold conveyancing in Totterdown. Before I set the wheels in motion I would like to find out the remaining lease term.

Assuming the lease is registered - and 99.9% are in Totterdown - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Planning to complete next month on a studio apartment in Totterdown. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Totterdown should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the demise. This will be the property itself but could also include a roof space or cellar if appropriate.
  • Does the lease prohibit wood flooring?
  • Whether the lease restricts you from subletting the flat, or having a home office for business
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • 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 a comprehensive list of information to be contained in your report on your leasehold property in Totterdown please enquire of your lawyer in advance of your conveyancing in Totterdown

    • I've recently bought a leasehold property in Totterdown. Do I have any liability for service charges for periods before my ownership?

    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. Strange as it may seem, 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).

    I am a negotiator for a long established estate agency in Totterdown where we have experienced a few leasehold sales put at risk due to short leases. I have received inconsistent advice from local Totterdown conveyancing firms. Can you shed some light as to whether the owner of a flat can initiate 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have 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 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 provide any advice for leasehold conveyancing in Totterdown from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Totterdown can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers conveyancers.
    • Many landlords or managing agents in Totterdown levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Totterdown.
  • Some Totterdown leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Arranging a re-issued share certificate is often a lengthy process and slows down many a Totterdown conveyancing transaction. Where a duplicate share is required, do contact the company officers or managing agents (if relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I am the registered owner of a 2 bed flat in Totterdown, conveyancing formalities finalised in 1998. 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? Corresponding flats in Totterdown with a long lease are worth £266,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2079

    With only 53 years remaining on your lease we estimate the price of your lease extension to be between £32,300 and £37,400 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Totterdown