Leasehold Conveyancing in Corfe Castle - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Corfe Castle, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Corfe Castle

Due to complete next month on a ground floor flat in Corfe Castle. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Corfe Castle should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Whether the lease restricts you from letting out the flat, or working from home
  • You should be told what constitutes a Nuisance in the lease
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Corfe Castle please enquire of your lawyer in advance of your conveyancing in Corfe Castle

    • I am tempted by the attractive purchase price for a two flats in Corfe Castle both have in the region of fifty years left on the lease term. Do I need to be concerned?

    A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

    Last month I purchased a leasehold house in Corfe Castle. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    Where the service charge has already been demanded from the previous owner 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 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).

    I work for a busy estate agency in Corfe Castle where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Corfe Castle conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 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 disposal of the property.

    Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.

    Do you have any top tips for leasehold conveyancing in Corfe Castle from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Corfe Castle can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers representatives.
    • Many landlords or Management Companies in Corfe Castle charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Corfe Castle.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Corfe Castle leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such changes. Where you dont have the paperwork to hand do not contact the landlord without contacting your solicitor in advance.
  • Some Corfe Castle leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Arranging a re-issued share certificate can be a lengthy process and frustrates many a Corfe Castle conveyancing deal. Where a new share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

    • I invested in buying a studio flat in Corfe Castle, conveyancing having been completed 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Corfe Castle with over 90 years remaining are worth £200,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2087

    With only 62 years unexpired we estimate the price of your lease extension to be between £17,100 and £19,800 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Corfe Castle