Looking forward to sign contracts shortly on a studio apartment in Parkstone. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• The physical extent of the premises. This will be the property itself but could also include a roof space or cellar if appropriate.
• Do you need to have carpet in the flat or are you allowed wood flooring?
• Are pets allowed in the flat?
• You should have a good understanding of the insurance provisions
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Parkstone. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Parkstone ?

The majority of houses in Parkstone are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Parkstone so you should seriously consider looking for a Parkstone conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.

I am looking at a couple of flats in Parkstone both have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

Can you offer any advice when it comes to choosing a Parkstone conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Parkstone conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Parkstone conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• If the firm is not ALEP accredited then why not?
• How many lease extensions have they carried out in Parkstone in the last twenty four months?

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

• A significant proportion of the delay in leasehold conveyancing in Parkstone can be bypassed if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
• Many freeholders or managing agents in Parkstone levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding 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 Parkstone.
• Some Parkstone 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 financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 freehold, you should ensure that you have the original share document. Arranging a duplicate share certificate can be a time consuming formality and delays many a Parkstone home move. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
• You believe that you know the number of years left on your lease but it would be advisable double-check by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is less than 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.

I inherited a leasehold flat in Parkstone, conveyancing having been completed 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Parkstone with over 90 years remaining are worth £217,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2078

With 52 years unexpired the likely cost is going to be between £34,200 and £39,600 as well as costs.

The suggested premium range 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 investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.