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Examples of recent questions relating to leasehold conveyancing in Parkstone

My partner and I may need to sub-let our Parkstone ground floor flat temporarily due to taking a sabbatical. We instructed a Parkstone conveyancing practice in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?

Notwithstanding that your previous Parkstone conveyancing lawyer is no longer around you can check your lease to see if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or other appropriate person prior to subletting. This means that you cannot sublet without prior consent. The consent should not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.

Looking forward to exchange soon on a basement flat in Parkstone. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Parkstone 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
  • The total extent of the demise. This will be the flat itself but might incorporate a loft or cellar if appropriate.
  • Defining your legal entitlements in relation to the communal areas in the building.For example, does the lease grant a right of way over a path or staircase?
  • Does the lease prohibit wood flooring?
  • You must be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Repair and maintenance of the flat For a comprehensive list of information to be contained in your report on your leasehold property in Parkstone please enquire of your solicitor in ahead of your conveyancing in Parkstone

    • I have just appointed agents to market my ground floor flat in Parkstone.Conveyancing is yet to be initiated but I have just had a yearly service charge demand – what should I do?

    It best that you 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 management companies 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.

    Can you provide any advice for leasehold conveyancing in Parkstone with the aim of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Parkstone can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Parkstone leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such changes. Where you fail to have the paperwork in place you should not communicate with the landlord without contacting your lawyer first.
  • A minority of Parkstone leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand 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 lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there frequently found deficiencies that you encounter in leases for Parkstone properties?

    Leasehold conveyancing in Parkstone is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • 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 difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.

    Parkstone Leasehold Conveyancing - A selection of Questions you should ask before buying

      If a Parkstone lease has less than 80 years it will affect the salability of the apartment. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you will be required to have owned the residence for 24 months before you are eligible to exercise a lease extension. What is the yearly maintenance fee and ground rent? Does the lease contain onerous restrictions?

    Other Topics

    Lease Extensions in Parkstone