Looking forward to sign contracts shortly on a ground floor flat in Totterdown. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?

The 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 might incorporate a loft or cellar if appropriate.
• You must be told what counts as a Nuisance in the lease
• Repair and maintenance of the flat
• 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
• What the implications are if you breach a clause of your lease?

I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Totterdown. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Totterdown ?

The majority of houses in Totterdown are freehold and not 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 apparent that you are purchasing in Totterdown in which case you should be shopping around for a Totterdown conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.

I work for a busy estate agency in Totterdown where we have witnessed a few leasehold sales put at risk due to short leases. I have been given conflicting advice from local Totterdown conveyancing firms. Please can you shed some light as to whether the seller 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 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.

Do you have any advice for leasehold conveyancing in Totterdown from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Totterdown can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
• Many landlords or managing agents in Totterdown charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Totterdown.
• If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved.
• If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Arranging a new share certificate can be a time consuming formality and frustrates many a Totterdown conveyancing transaction. If a new share certificate is necessary, 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 solicitors. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is below 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

When it comes to leasehold conveyancing in Totterdown what are the most common lease defects?

Leasehold conveyancing in Totterdown is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Virgin Money, and Alliance & Leicester 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 provide security, obliging the buyer to withdraw.

I acquired a leasehold flat in Totterdown, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Similar flats in Totterdown with an extended lease are worth £170,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2102

You have 76 years unexpired we estimate the price of your lease extension to be between £7,600 and £8,800 plus costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to 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.