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

Get a Quote

When it comes to leasehold conveyancing in Totterdown, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your lender is to be Clydesdale , Birmingham Midshires or NatWest be sure to find a lawyer on their approved list. Find a Totterdown conveyancing lawyer with our search tool

Top Five Questions relating to Totterdown leasehold conveyancing

I am in need of some leasehold conveyancing in Totterdown. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Totterdown - then the leasehold title will always include the short particulars 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.

I've recently bought a leasehold house in Totterdown. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner 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. A critical element 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 reputable estate agency in Totterdown where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Totterdown conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?

Provided that 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 buyer need not have to wait 2 years for a lease extension. 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.

Alternatively, it may be possible 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Totterdown from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Totterdown can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
  • Many landlords or managing agents in Totterdown levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Totterdown.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Totterdown state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you fail to have the approvals in place do not communicate with the landlord without contacting your lawyer before hand.
  • Some 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 place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 solicitors.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Obtaining a new share certificate is often a time consuming process and slows down many a Totterdown home move. Where a new share certificate is necessary, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

    • What makes a Totterdown lease problematic?

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

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Norwich and Peterborough Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

    I acquired a 1st floor flat in Totterdown, conveyancing was carried out in 1996. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Totterdown with an extended lease are worth £182,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2084

    With only 59 years remaining on your lease we estimate the price of your lease extension to range between £20,900 and £24,200 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Totterdown