Can you explain why leasehold purchase conveyancing in Frenchay Common costs more?

In summary, leasehold conveyancing in Frenchay Common and Bristol usually involve additional hours of investigation compared to freehold transactions. This includes checking the lease terms, liaising with the landlord about serving applicable notices, securing up-to-date service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.

I am purchasing a new build flat in Frenchay Common. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?

Leaving aside the complexities and merits of DIY conveyancing in Frenchay Common you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Frenchay Common.

What does commercial conveyancing in Frenchay Common cover?

Non domestic conveyancing in Frenchay Common covers a broad array of guidance, provided by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.

If all goes to plan we aim to complete the disposal of our £175,000 flat in Frenchay Common next week. The managing agents has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Frenchay Common?

For most leasehold sales in Frenchay Common conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

Addressing pre-exchange enquiries Where consent is required before sale in Frenchay Common Supplying insurance information Deeds of covenant upon sale Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Frenchay Common leasehold premises is £350. For Frenchay Common conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

I purchased a basement flat in Frenchay Common, conveyancing was carried out December 2011. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Frenchay Common with a long lease are worth £202,000. The ground rent is £60 charged once a year. The lease ceases on 21st October 2082

With 57 years remaining on your lease the likely cost is going to span between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

We are in the middle of buying a property in Frenchay Common. Conveyancing lawyer has told us the title is "Leasehold". Will this likely adversely affect the marketability of the house?

Frenchay Common conveyancing does not ordinarily involve leasehold houses. The key factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's almost the same as freehold, so it’s unlikely to impact the value significantly.

On the flip side, if it's, say, 50 years it will have a material effect on the saleability, and most likely wouldn't be acceptable to the mortgage company. The remaining lease term and ground rent will be specified in the lease provided to your solicitor.