Questions and Answers: Bournemouth leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bournemouth. Before diving in I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Bournemouth - then the leasehold title will always include the short particulars 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.
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Bournemouth. I am keen to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to track down the lessor. In some cases a specialist would be helpful to carry out a search and prepare a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Bournemouth.
I today plan to offer on a house that appears to meet my requirements, at a reasonable 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 particular concerns purchasing a leasehold house in Bournemouth. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Bournemouth are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Bournemouth so you should seriously consider looking for a Bournemouth conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
I've recently bought a leasehold property in Bournemouth. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Completion in due on the sale of our £225000 garden flat in Bournemouth next Tuesday . The landlords agents has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Bournemouth?
Bournemouth conveyancing on leasehold flats often necessitates the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to do so. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality one has little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
I inherited a ground floor flat in Bournemouth, conveyancing having been completed in 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Bournemouth with an extended lease are worth £229,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2097
With 72 years remaining on your lease we estimate the price of your lease extension to range between £13,300 and £15,400 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
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