Fixed-fee leasehold conveyancing in Bideford:

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Frequently asked questions relating to Bideford leasehold conveyancing

I am on look out for some leasehold conveyancing in Bideford. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Bideford - then the leasehold title will always include the basic details 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 own a leasehold flat in Bideford. Conveyancing and Leeds Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Bideford who previously acted has now retired.Do I pay?

First contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Bideford conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a busy estate agency in Bideford where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Bideford conveyancing solicitors. Can you confirm whether the owner of a flat can start the lease extension formalities for the buyer?

As long as the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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 buyer.

Can you provide any advice for leasehold conveyancing in Bideford with the aim of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Bideford can be reduced if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
  • Many freeholders or managing agents in Bideford levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bideford.
  • Some Bideford leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 purchasers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You will have to accept that you will have to 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 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 as opposed to unsettled.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Obtaining a duplicate share certificate can be a lengthy formality and delays many a Bideford home move. If a duplicate share is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

    • All being well we will complete our sale of a £225000 maisonette in Bideford in just under a week. The management company has quoted £348 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Bideford?

    Bideford conveyancing on leasehold flats more often than not involves the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be willing to do so. They may invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.

    I inherited a studio flat in Bideford, conveyancing having been completed 2008. How much will my lease extension cost? Similar flats in Bideford with over 90 years remaining are worth £203,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2099

    With just 74 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Bideford