Leasehold Conveyancing in Canford Cliffs - Get a Quote from the leasehold experts approved by your lender

When it comes to leasehold conveyancing in Canford Cliffs, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Lloyds, Birmingham Midshires or Bradford & Bingley make sure you find a lawyer on their approved list. Find a Canford Cliffs conveyancing lawyer with our search tool

Questions and Answers: Canford Cliffs leasehold conveyancing

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Canford Cliffs. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Canford Cliffs ?

The majority of houses in Canford Cliffs are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Canford Cliffs so you should seriously consider shopping around for a Canford Cliffs conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of flats in Canford Cliffs which have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Canford Cliffs. The lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to appointing a Canford Cliffs conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Canford Cliffs conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Canford Cliffs conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How experienced is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then what is the reason?

  • Do you have any top tips for leasehold conveyancing in Canford Cliffs from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Canford Cliffs can be reduced where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
    • Many landlords or managing agents in Canford Cliffs charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Canford Cliffs.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Canford Cliffs leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such works. Where you fail to have the consents in place do not contact the landlord without checking with your lawyer in advance.
  • A minority of Canford Cliffs leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Organising a re-issued share certificate is often a time consuming formality and delays many a Canford Cliffs home move. Where a duplicate share is necessary, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

  • In relation to leasehold conveyancing in Canford Cliffs what are the most frequent lease problems?

    Leasehold conveyancing in Canford Cliffs is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • 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. Yorkshire Building Society, Leeds Building Society, and Nottingham Building Society all have very detailed conveyancing instructions 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, obliging the purchaser to withdraw.

    I am the registered owner of a studio flat in Canford Cliffs, conveyancing formalities finalised 2005. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Canford Cliffs with over 90 years remaining are worth £188,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2083

    With just 58 years left to run we estimate the premium for your lease extension to be between £23,800 and £27,400 plus legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply 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 are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Canford Cliffs