Top Five Questions relating to Dorchester leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Dorchester. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
The majority of houses in Dorchester are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Dorchester in which case you should be looking for a Dorchester conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being 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 freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of apartments in Dorchester which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Dorchester. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to appointing a Dorchester conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Dorchester conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Dorchester conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- What volume of lease extensions has the firm carried out in Dorchester in the last twenty four months?
Do you have any advice for leasehold conveyancing in Dorchester with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Dorchester can be avoided if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- Many landlords or managing agents in Dorchester levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Dorchester.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £500000 garden flat in Dorchester next week. The landlords agents has quoted £372 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Dorchester?
For most leasehold sales in Dorchester conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange enquiries
- Where consent is required before sale in Dorchester
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a studio flat in Dorchester, conveyancing having been completed in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Dorchester with a long lease are worth £222,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2076
With 51 years unexpired we estimate the premium for your lease extension to be between £33,300 and £38,400 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
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