Leasehold Conveyancing in Parkstone - Get a Quote from the leasehold experts approved by your lender

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Parkstone leasehold conveyancing Example Support Desk Enquiries

There are only 68 years remaining on my lease in Parkstone. I need to extend my lease but my freeholder is can not be found. What should I do?

On the basis that you qualify, 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 demonstrate that you or your lawyers have made all reasonable attempts to find the freeholder. In some cases an enquiry agent would be helpful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Parkstone.

I own a leasehold house in Parkstone. Conveyancing and Barclays Direct mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Parkstone who acted for me is not around.Do I pay?

First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Parkstone conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, 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 couple of apartments in Parkstone both have approximately 50 years left on the lease term. Do I need to be concerned?

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 closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 premises 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 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.

I've recently bought a leasehold property in Parkstone. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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 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).

If all goes to plan we aim to complete the sale of our £150000 apartment in Parkstone next Tuesday . The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Parkstone?

For the majority of leasehold sales in Parkstone conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

  • Answering pre-exchange enquiries
  • Where consent is required before sale in Parkstone
  • Supplying insurance information
  • Deeds of covenant upon sale
  • Registering of the assignment of the change of lessee after a sale
Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Parkstone leasehold premises is £350. For Parkstone conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

I bought a 1st floor flat in Parkstone, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Parkstone with an extended lease are worth £237,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease runs out on 21st October 2088

With 66 years left to run we estimate the premium for your lease extension to range between £13,300 and £15,400 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 the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

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Lease Extensions in Parkstone