Fixed-fee leasehold conveyancing in Westbury On Trym:

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Frequently asked questions relating to Westbury On Trym leasehold conveyancing

I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Westbury On Trym. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Westbury On Trym ?

The majority of houses in Westbury On Trym are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Westbury On Trym so you should seriously consider shopping around for a Westbury On Trym conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.

I own a leasehold house in Westbury On Trym. Conveyancing and Halifax mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Westbury On Trym who previously acted has now retired.Any advice?

The first thing you should do is contact HMLR to be sure that this person is in fact the new freeholder. There is no need to instruct a Westbury On Trym conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

What advice can you give us when it comes to choosing a Westbury On Trym conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Westbury On Trym conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Westbury On Trym conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How experienced is the practice with lease extension legislation?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Westbury On Trym with the intention of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Westbury On Trym can be avoided where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers lawyers.
    • Some Westbury On Trym leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The 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 purchasers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and 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 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 better to present the dispute as historic rather than unsettled.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Arranging a duplicate share certificate can be a time consuming formality and delays many a Westbury On Trym home move. If a new share is required, do contact the company officers or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • When it comes to leasehold conveyancing in Westbury On Trym what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Westbury On Trym. All leases is drafted differently and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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. Nationwide Building Society, Norwich and Peterborough Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

    Westbury On Trym Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing

      Be sure to enquire if the the lease includes any onerous restrictions in the lease. By way of example it is very common in Westbury On Trym leases that pets are not permitted in certain buildings in Westbury On Trym. If you like the flatin Westbury On Trym however your dog can’t move with you then you will be presented with a difficult compromise. Plenty Westbury On Trym leasehold apartments will have a service bill for the upkeep of the building invoiced on behalf of the management company. Where you acquire the property you will have to meet this amount, usually in instalments accross the year. This can be anything from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge for you to pay annual, ordinarily this is not a large figure, say approximately £25-£75 but you need to enquire it because on occasion it can be many hundreds of pounds. If a Westbury On Trym lease has fewer than 80 years it will impact the marketability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the residence for 24 months in order to be eligible to extend the lease.

    Other Topics

    Lease Extensions in Westbury On Trym