Fixed-fee leasehold conveyancing in Mudeford:

Get a Quote

When it comes to leasehold conveyancing in Mudeford, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or NatWest be sure to find a lawyer on their approved list. Feel free to use our search tool

Mudeford leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Mudeford. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Mudeford - 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.

Planning to complete next month on a studio apartment in Mudeford. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Mudeford should include some of the following:

  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Does the lease prohibit wood flooring?
  • Whether your lease has a provision for a sinking fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Mudeford please ask your conveyancer in advance of your conveyancing in Mudeford

    • I am tempted by the attractive purchase price for a couple of apartments in Mudeford both have in the region of 50 years remaining on the leases. Do I need to be concerned?

    There are no two ways about it. A leasehold apartment in Mudeford is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mudeford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Do you have any advice for leasehold conveyancing in Mudeford with the purpose of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Mudeford can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
    • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Mudeford leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such works. Should you fail to have the paperwork in place do not contact the landlord without checking with your conveyancer in advance.
  • Some Mudeford leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 buyers or their solicitors.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Organising a new share certificate is often a lengthy process and delays many a Mudeford conveyancing transaction. Where a new share is necessary, you should approach the company officers or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. In the circumstances it is 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.

    • What are the frequently found deficiencies that you come across in leases for Mudeford properties?

    Leasehold conveyancing in Mudeford is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Platform Home Loans Ltd 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    Mudeford Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying

      What is the maintenance charge and ground rent on the property? How many years are left on the lease? Where a Mudeford lease has no more than eighty years it will impact the salability of the flat. Check with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Mudefordlease extensions you will be be obliged to have been the owner of the premises for two years before you are legally able to extend the lease.

    Other Topics

    Lease Extensions in Mudeford