I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Canford Cliffs. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Canford Cliffs are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Canford Cliffs so you should seriously consider shopping around for a Canford Cliffs conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority 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 comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.

My wife and I purchased a leasehold house in Canford Cliffs. Conveyancing and Bank of Scotland mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Canford Cliffs who acted for me is not around.Do I pay?

The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Canford Cliffs conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of flats in Canford Cliffs which have approximately 50 years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Canford Cliffs is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Canford Cliffs conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am a negotiator for a reputable estate agent office in Canford Cliffs where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Canford Cliffs conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.

Do you have any advice for leasehold conveyancing in Canford Cliffs from the perspective of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Canford Cliffs can be avoided where you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers lawyers.
• The majority landlords or managing agents in Canford Cliffs levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Canford Cliffs.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Canford Cliffs leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord consenting to such works. Should you dont have the approvals to hand do not contact the landlord without contacting your lawyer in advance.
• Some Canford Cliffs leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 lawyers.
• If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Arranging a re-issued share certificate can be a time consuming process and frustrates many a Canford Cliffs conveyancing transaction. Where a duplicate share certificate is necessary, do contact the company officers or managing agents (if applicable) for this as soon as possible.

I am the registered owner of a split level flat in Canford Cliffs, conveyancing was carried out 1998. Can you work out an approximate cost of a lease extension? Similar properties in Canford Cliffs with an extended lease are worth £234,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2096

You have 70 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.