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Top Five Questions relating to Shaftesbury leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Shaftesbury. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Shaftesbury - 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.

I’m about to sell my ground floor flat in Shaftesbury.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – what should I do?

The sensible thing to do is discharge 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. This will smooth the conveyancing process.

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Shaftesbury. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Shaftesbury ?

The majority of houses in Shaftesbury are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Shaftesbury in which case you should be looking for a Shaftesbury conveyancing practitioner and check 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 tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.

I've recently bought a leasehold flat in Shaftesbury. 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 owner 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 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).

Can you provide any advice for leasehold conveyancing in Shaftesbury from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Shaftesbury can be reduced where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
  • Many landlords or Management Companies in Shaftesbury levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Shaftesbury.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example installed wooden flooring? Shaftesbury leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such changes. Should you dont have the paperwork to hand you should not contact the landlord without checking with your conveyancer before hand.
  • Some Shaftesbury leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you hold a share in a the freehold, you should make sure that you have the original share certificate. Arranging a replacement share certificate is often a time consuming formality and delays many a Shaftesbury home move. Where a new share is needed, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.

    • I bought a 1st floor flat in Shaftesbury, conveyancing formalities finalised 2001. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Shaftesbury with a long lease are worth £214,000. The ground rent is £65 levied per year. The lease expires on 21st October 2104

    With only 78 years left to run the likely cost is going to be between £10,500 and £12,000 plus professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Shaftesbury