Having had my offer accepted I require leasehold conveyancing in Wareham. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and 99.9% are in Wareham - 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.

Back In 2003, I bought a leasehold house in Wareham. Conveyancing and Bank of Ireland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Wareham who acted for me is not around.Do I pay?

The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Wareham conveyancing lawyer to do this as you can do this on the Land Registry website for £3. 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 am looking at a two maisonettes in Wareham which have approximately 50 years left on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Wareham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with less than eighty 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 property 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 a residence 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 Wareham 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

What advice can you give us when it comes to choosing a Wareham conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Wareham conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Wareham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• If they are not ALEP accredited then what is the reason?
• What are the charges for lease extension conveyancing?

Can you provide any advice for leasehold conveyancing in Wareham with the aim of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Wareham can be bypassed if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
• Many freeholders or Management Companies in Wareham charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Wareham.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Wareham leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such works. If you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer in the first instance.
• If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Organising a replacement share certificate is often a time consuming process and frustrates many a Wareham conveyancing transaction. If a new share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
• You believe that you know the number of years left on your lease but it would be wise to double-check by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

Wareham Leasehold Conveyancing - A selection of Queries before Purchasing

Where a Wareham lease has fewer than eighty years it will have adverse implications on the marketability of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you will be be obliged to have been the owner of the premises for 24 months before you are eligible to extend the lease.