Fixed-fee leasehold conveyancing in Sherborne:

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When it comes to leasehold conveyancing in Sherborne, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your lender is to be Santander, RBS or NatWest make sure you choose a lawyer on their panel. Find a Sherborne conveyancing lawyer with our search tool

Top Five Questions relating to Sherborne leasehold conveyancing

I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Sherborne. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Sherborne are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Sherborne in which case you should be looking for a Sherborne conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.

Back In 2009, I bought a leasehold flat in Sherborne. Conveyancing and Barclays Direct mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Sherborne who acted for me is not around.What should I do?

First contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Sherborne conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two apartments in Sherborne both have approximately forty five years remaining on the leases. should I be concerned?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

What advice can you give us when it comes to appointing a Sherborne conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Sherborne conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Sherborne conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Sherborne who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Sherborne with the purpose of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Sherborne can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
    • Some Sherborne leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to 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 reveal the dispute as historic rather than unresolved.
  • If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Organising a duplicate share certificate is often a lengthy process and delays many a Sherborne home move. If a new share is necessary, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I own a 1st floor flat in Sherborne, conveyancing having been completed 10 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Sherborne with over 90 years remaining are worth £239,000. The ground rent is £65 yearly. The lease ends on 21st October 2076

    With 51 years unexpired the likely cost is going to be between £33,300 and £38,400 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Sherborne