Fixed-fee leasehold conveyancing in Parkstone:

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Parkstone leasehold conveyancing: Q and A’s

I’m about to sell my garden apartment in Parkstone.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – what should I do?

The sensible thing to do is clear 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 until 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. This will smooth the conveyancing process.

I own a leasehold house in Parkstone. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Parkstone who previously acted has now retired.What should I do?

First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Parkstone conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two maisonettes in Parkstone both have about forty five years remaining on the leases. Do I need to be concerned?

There are plenty of short leases in Parkstone. The lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in Parkstone. Do I have any liability for service charges for periods before 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 top tips for leasehold conveyancing in Parkstone with the aim of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Parkstone 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 information which will be required by the purchasers’ representatives.
  • Many freeholders or Management Companies in Parkstone charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Parkstone.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Parkstone state that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you dont have the approvals in place do not contact the landlord without contacting your lawyer in advance.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Arranging a new share certificate is often a time consuming process and frustrates many a Parkstone conveyancing transaction. If a new share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • I acquired a 2 bed flat in Parkstone, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Parkstone with over 90 years remaining are worth £170,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2087

    You have 63 years left to run we estimate the price of your lease extension to be between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Parkstone