Guaranteed fixed fees for Leasehold Conveyancing in Dorchester

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Questions and Answers: Dorchester leasehold conveyancing

I am on look out for some leasehold conveyancing in Dorchester. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and most are in Dorchester - 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 am tempted by the attractive purchase price for a two apartments in Dorchester both have approximately forty five years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Dorchester. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive 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 because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

Do you have any top tips for leasehold conveyancing in Dorchester with the intention of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Dorchester can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers solicitors.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Dorchester state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such works. If you dont have the consents in place do not communicate with the landlord without contacting your solicitor before hand.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a new share certificate is often a lengthy formality and frustrates many a Dorchester home move. If a new share is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • We expect to complete the sale of our £150000 flat in Dorchester in just under a week. The freeholder has quoted £300 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Dorchester?

    Dorchester conveyancing on leasehold flats usually involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be willing to assist. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge required by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.

    When it comes to leasehold conveyancing in Dorchester what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Dorchester. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • 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

    You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express 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 provide security, forcing the buyer to withdraw.

    I inherited a 2 bed flat in Dorchester, conveyancing formalities finalised 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Dorchester with a long lease are worth £174,000. The ground rent is £45 per annum. The lease finishes on 21st October 2088

    With 63 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Dorchester