Fixed-fee leasehold conveyancing in Ferndown:

When it comes to leasehold conveyancing in Ferndown, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your lender is to be Santander, Yorkshire Building Society or Bradford & Bingley make sure you choose a lawyer on their approved list. Find a Ferndown conveyancing lawyer with our search tool

Sample questions relating to Ferndown leasehold conveyancing

I have just started marketing my garden apartment in Ferndown.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – what should I do?

The sensible thing to do is pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two apartments in Ferndown which have in the region of fifty years unexpired on the leases. should I be concerned?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate 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 enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

What advice can you give us when it comes to finding a Ferndown conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Ferndown conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Ferndown conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

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

  • Do you have any top tips for leasehold conveyancing in Ferndown with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Ferndown can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
    • The majority freeholders or managing agents in Ferndown levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for 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 frequent cause of frustration in leasehold conveyancing in Ferndown.
  • A minority of Ferndown leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Obtaining a re-issued share certificate is often a time consuming formality and delays many a Ferndown home move. Where a duplicate share certificate is needed, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • In relation to leasehold conveyancing in Ferndown what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Ferndown. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    I invested in buying a 2 bed flat in Ferndown, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Ferndown with an extended lease are worth £229,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2095

    With just 74 years remaining on your lease we estimate the price of your lease extension to range between £12,400 and £14,200 as well as professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive 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 taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ferndown