I wish to let out my leasehold apartment in Parkstone. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

The lease governs the relationship between the freeholder and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Parkstone do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I am hoping to exchange soon on a garden flat in Parkstone. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

• How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

I have just started marketing my 2 bed apartment in Parkstone.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of flats in Parkstone both have about fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Parkstone is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more positive 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 Parkstone 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

If all goes to plan we aim to complete the sale of our £400000 maisonette in Parkstone in 10 days. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Parkstone?

Parkstone conveyancing on leasehold apartments usually necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.

Parkstone Conveyancing for Leasehold Flats - A selection of Queries before buying

On the whole the outlay for major works are not wrapped into the service charges, although there some managing agents in Parkstone obliged leasehold owners to pay into a reserve fund created for the specific purpose of building a fund for larger repairs or maintenance. Its a good idea to find out as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the cleanliness of the common parts. Don't be shy to ask other people what they think of their management. On a final note, be sure you know the dates that the service charges are due to the managing agents and specifically how they are spending the funds. Make sure you discover if there is anything that is prohibited in the lease. By way of example plenty of leases prohibit pets being permitted in in a block in Parkstone. If you like the propertyin Parkstone yet your cat can’t live with you then you have a very hard choice.

Other Topics

Lease Extensions in Parkstone