Fixed-fee leasehold conveyancing in Shanklin:

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Shanklin, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Shanklin leasehold conveyancing

Having checked my lease I have discovered that there are only 68 years left on my flat in Shanklin. I need to get lease extension but my freeholder is missing. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to find the lessor. On the whole a specialist may be useful to carry out a search and prepare an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the application to the County Court covering Shanklin.

I am hoping to sign contracts shortly on a studio apartment in Shanklin. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

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

  • How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Defining your legal entitlements in respect of common areas in the block.E.G., does the lease grant a right of way over a path or staircase?
  • Does the lease prohibit wood flooring?
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • 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
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For details of the information to be included in your report on your leasehold property in Shanklin please enquire of your solicitor in advance of your conveyancing in Shanklin

    • I have just started marketing my basement apartment in Shanklin.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – what should I do?

    It best that you pay 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 today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Shanklin. Conveyancing advisers have not yet been instructed. Will they explain the issues?

    The majority of houses in Shanklin are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Shanklin in which case you should be looking for a Shanklin conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.

    My wife and I purchased a leasehold flat in Shanklin. Conveyancing and Nottingham Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Shanklin who acted for me is not around.What should I do?

    First contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Shanklin conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I bought a split level flat in Shanklin, conveyancing formalities finalised in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Shanklin with over 90 years remaining are worth £178,000. The ground rent is £60 invoiced every year. The lease runs out on 21st October 2096

    With only 71 years unexpired we estimate the price of your lease extension to be between £12,400 and £14,200 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 are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

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    Lease Extensions in Shanklin