Guaranteed fixed fees for Leasehold Conveyancing in Totterdown

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

Top Five Questions relating to Totterdown leasehold conveyancing

I am in need of some leasehold conveyancing in Totterdown. Before I get started I would like to find out the unexpired term of the lease.

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.

Having checked my lease I have discovered that there are only 62 years unexpired on my lease in Totterdown. I now want to get lease extension but my freeholder is can not be found. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the landlord. On the whole an enquiry agent would be helpful to conduct investigations and to produce an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Totterdown.

I am hoping to sign contracts shortly on a basement flat in Totterdown. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

  • The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the premises. This will be the apartment itself but might include a loft or basement if appropriate.
  • Whether the lease restricts you from letting out the property, 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
  • You should have a good understanding of the insurance provisions
  • 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. For a comprehensive list of information to be included in your report on your leasehold property in Totterdown please ask your lawyer in advance of your conveyancing in Totterdown

  • I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Totterdown. Conveyancing advisers have are about to be appointed. Will they explain the issues?

    Most houses in Totterdown are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Totterdown so you should seriously consider shopping around for a Totterdown conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.

    I am attracted to a couple of flats in Totterdown which have approximately forty five years left on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Totterdown is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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 a residence 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 Totterdown 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.

    Totterdown Conveyancing for Leasehold Flats - Sample of Queries before buying

      How long is the Lease? It is important to be aware if window replacement or some other significant cost is due in the near future that will be shared between the leasehold owners and could well dramatically increase the the maintenance charges or result in a one time payment. If a Totterdown lease has less than eighty years it will affect the value of the property. Check with your mortgage company that they are happy with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out what this would cost. Remember, in most cases you will need to own the property for two years in order to be eligible to extend the lease.

    Other Topics

    Lease Extensions in Totterdown