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

When it comes to leasehold conveyancing in Totterdown, you will need to chose a conveyancing solicitor with leasehold experience. Whether your lender is to be Santander, Birmingham Midshires or Nationwide make sure you find a lawyer on their panel. Find a Totterdown conveyancing lawyer with our search tool

Totterdown leasehold conveyancing: Q and A’s

Frank (my husband) and I may need to let out our Totterdown 1st floor flat for a while due to a new job. We instructed a Totterdown conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

Some leases for properties in Totterdown do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

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

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. On the whole an enquiry agent may be useful to conduct investigations and prepare a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Totterdown.

Looking forward to sign contracts shortly on a studio apartment in Totterdown. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?

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

  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Are pets allowed in the flat?
  • Does the lease prevent you from letting 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
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • 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 For details of the information to be contained in your report on your leasehold property in Totterdown please ask your lawyer in advance of your conveyancing in Totterdown

  • I am looking at a couple of maisonettes in Totterdown which have about 50 years left on the leases. Do I need to be concerned?

    There is no doubt about it. A leasehold flat in Totterdown is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. 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 premises 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 property 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

    Do you have any top tips for leasehold conveyancing in Totterdown with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Totterdown can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
    • Many freeholders or managing agents in Totterdown levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out 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 receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Totterdown.
  • Some Totterdown leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a lengthy formality and delays many a Totterdown home move. Where a new share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left 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 to exchange contracts if the lease term is under 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • Totterdown Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

      This information is useful as a) areas can cause problems in the building as the common areas may start to deteriorate if repairs are not paid for b) if the tenants have a dispute with the managing agents you will want to have all the details How many of the leaseholders are in arrears for their service charge payments? Best to be warned whether window replacement or some other significant cost is anticipated that will be shared by the leasehold owners and may well materially impact the level of the service fees or require a one time invoice.

    Other Topics

    Lease Extensions in Totterdown