Questions and Answers: Poole leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Poole. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and most are in Poole - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My wife and I purchased a leasehold flat in Poole. Conveyancing and Barclays Direct mortgage are in place. 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 1992. The conveyancing practitioner in Poole who acted for me is not around.Any advice?
First contact the Land Registry to be sure that this person is indeed the new freeholder. You do not need to instruct a Poole conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two maisonettes in Poole both have approximately 50 years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
What are your top tips when it comes to finding a Poole conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Poole conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Poole conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- If they are not ALEP accredited then what is the reason?
What makes a Poole lease unmortgageable?
Leasehold conveyancing in Poole is not unique. All leases are unique and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I inherited a leasehold flat in Poole, conveyancing was carried out 9 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Poole with a long lease are worth £221,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2073
With just 52 years left to run the likely cost is going to span between £30,400 and £35,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.