Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Parkstone. I now want to get lease extension but my freeholder is absent. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to find the freeholder. In some cases a specialist may be helpful to conduct investigations and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Parkstone.

Due to sign contracts shortly on a garden flat in Parkstone. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

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

• The total extent of the property. This will be the flat itself but may include a roof space or cellar if applicable.
• Setting out your legal entitlements in relation to the communal areas in the building.For instance, does the lease include a right of way over an accessway or staircase?
• Are pets allowed in the flat?
• You should be told what constitutes a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• You should have a good understanding of the insurance provisions
• What you can do if a neighbour breach a clause of their lease?

I am looking at a two flats in Parkstone which have approximately 50 years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Parkstone is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. 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 property 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 Parkstone conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

Last month I purchased a leasehold flat in Parkstone. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any advice for leasehold conveyancing in Parkstone with the intention of expediting the sale process?

• Much of the delay in leasehold conveyancing in Parkstone can be avoided if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
• The majority freeholders or managing agents in Parkstone charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Parkstone.
• If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example installed wooden flooring? Parkstone leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord consenting to such changes. If you fail to have the paperwork in place do not contact the landlord without checking with your lawyer in advance.
• A minority of Parkstone leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly 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 purchasers or their solicitors.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

I bought a split level flat in Parkstone, conveyancing was carried out in 2008. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Parkstone with a long lease are worth £171,000. The ground rent is £45 yearly. The lease terminates on 21st October 2080

With just 54 years left to run the likely cost is going to range between £29,500 and £34,000 as well as professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.