Recently asked questions relating to Bournemouth leasehold conveyancing
I am in need of some leasehold conveyancing in Bournemouth. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is registered - and almost all 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.
I have recently realised that I have 68 years remaining on my flat in Bournemouth. I need to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, 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 enable the lease to be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to locate the lessor. On the whole a specialist may be helpful to carry out a search and prepare a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Bournemouth.
I am attracted to a two apartments in Bournemouth both have about forty five years remaining on the leases. Will this present a problem?
There are plenty of short leases in Bournemouth. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold flat in Bournemouth. Am I liable to pay service charges relating to a period prior to my ownership?
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. Strange as it may seem, 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 ensure 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).
What makes a Bournemouth lease defective?
Leasehold conveyancing in Bournemouth is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- 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
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Bournemouth Leasehold Conveyancing - Examples of Queries Prior to Purchasing
Plenty Bournemouth leasehold apartments will have a service bill for the upkeep of the building levied by the freeholder. Where you acquire the flat you will have to meet this amount, usually periodically during the year. This can differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a rentcharge for you to pay yearly, this is usually not a exorbitant sum, say approximately £50-£100 but you should to enquire as on occasion it can be many hundreds of pounds.
In the main the outlay for major works are not included within service charges, although a few managing agents in Bournemouth require tenants to contribute towards a sinking fund created for the specific intention of building a fund for major works.
Are there any major works on the horizon that could add a premium to the service costs?