Planning to exchange soon on a leasehold property in Sandbanks. Conveyancing solicitors inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Sandbanks should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Sandbanks. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Sandbanks ?

The majority of houses in Sandbanks are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Sandbanks in which case you should be shopping around for a Sandbanks conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.

I am attracted to a couple of maisonettes in Sandbanks both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Sandbanks is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. 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 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 property 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 Sandbanks conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.

Can you offer any advice when it comes to choosing a Sandbanks conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Sandbanks conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Sandbanks conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How familiar is the firm with lease extension legislation?

When it comes to leasehold conveyancing in Sandbanks what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Sandbanks. All leases is drafted differently and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Platform Home Loans Ltd all have express conveyancing instructions 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 grant the mortgage, obliging the buyer to withdraw.

I bought a basement flat in Sandbanks, conveyancing formalities finalised 2007. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Sandbanks with a long lease are worth £187,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2081

With 55 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

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Lease Extensions in Sandbanks