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

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Any conveyancing practice can theoretically handle your leasehold conveyancing in Portsmouth, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Portsmouth leasehold conveyancing

I am on look out for some leasehold conveyancing in Portsmouth. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Portsmouth - then the leasehold title will always include the short particulars 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.

Expecting to complete next month on a basement flat in Portsmouth. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?

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

  • The physical extent of the property. This will be the property itself but could also include a roof space or basement if applicable.
  • Will you be prohibited or prevented from having pets in the property?
  • Whether the lease restricts you from renting out the property, or working from home
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Portsmouth please ask your lawyer in advance of your conveyancing in Portsmouth

    • Estate agents have just been given the go-ahead to market my 2 bed apartment in Portsmouth.Conveyancing is yet to be initiated but I have just received a yearly service 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I've recently bought a leasehold property in Portsmouth. Am I liable to pay 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 Portsmouth from the perspective of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Portsmouth can be reduced where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
    • The majority freeholders or managing agents in Portsmouth charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Portsmouth.
  • Some Portsmouth leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 solicitors.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Obtaining a re-issued share certificate can be a lengthy process and delays many a Portsmouth conveyancing transaction. If a reissued share is needed, do contact the company officers or managing agents (where relevant) for this sooner rather than later.

    • I acquired a basement flat in Portsmouth, conveyancing formalities finalised 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Portsmouth with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2092

    With 67 years unexpired the likely cost is going to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Portsmouth