I am hoping to complete next month on a ground floor flat in Totterdown. Conveyancing lawyers assured me that they will have a report out to me next week. 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:

• Will you be prohibited or prevented from having pets in the property?
• Does the lease prevent you from renting out the flat, or working from home
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• Whether your lease has a provision for a reserve fund?
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• Responsibility for repairing the window frames

I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Totterdown. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Totterdown are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Totterdown in which case you should be looking for a Totterdown conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining 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 house is located on an estate. Your conveyancer will report to you on the legal implications.

I am tempted by the attractive purchase price for a two maisonettes in Totterdown both have approximately 50 years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Totterdown is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with less than 75 years become less and less marketable. 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 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.

What are your top tips when it comes to appointing a Totterdown conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Totterdown conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Totterdown conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• If they are not ALEP accredited then what is the reason?
• Can they put you in touch with client in Totterdown who can give a testimonial?

Do you have any advice for leasehold conveyancing in Totterdown with the intention of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Totterdown can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Totterdown state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Should you fail to have the consents in place you should not contact the landlord without contacting your conveyancer before hand.
• A minority of Totterdown leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
• If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than ongoing.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

Leasehold Conveyancing in Totterdown - A selection of Questions you should ask before buying

You should want to discover as much as you can about the managing agents as they can either make life much easier or much more difficult. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the upkeep of the communal areas. You should not be afraid to ask other tenants what they think of their management. On a final note, be sure you know the dates that the maintenance charges are due to the managing agents and precisely what it includes.