Fixed-fee leasehold conveyancing in Totterdown:

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When it comes to leasehold conveyancing in Totterdown, you will need to appoint a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Halifax, Yorkshire Building Society or Bradford & Bingley make sure you choose a lawyer on their panel. Feel free to use our search tool

Totterdown leasehold conveyancing: Q and A’s

I have just started marketing my ground floor flat in Totterdown.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – what should I do?

The sensible thing to do is pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Totterdown. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Totterdown are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Totterdown so you should seriously consider looking for a Totterdown conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.

Can you offer any advice when it comes to finding a Totterdown conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Totterdown conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Totterdown conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • If they are not ALEP accredited then what is the reason?
  • What are the costs for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Totterdown from the point of view of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Totterdown can be avoided if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
    • Many landlords or managing agents in Totterdown levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack 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 common cause of frustration in leasehold conveyancing in Totterdown.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Totterdown state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you dont have the approvals in place do not contact the landlord without checking with your solicitor in advance.
  • Some Totterdown 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 financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Arranging a new share certificate is often a lengthy process and slows down many a Totterdown home move. Where a reissued share is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.

    • What makes a Totterdown lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Totterdown. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    I acquired a 2 bed flat in Totterdown, conveyancing was carried out in 2007. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Totterdown with a long lease are worth £209,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2087

    You have 63 years left to run the likely cost is going to range between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Totterdown