I am on look out for some leasehold conveyancing in Parkstone. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Parkstone - 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've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Parkstone. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Parkstone are freehold rather than 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. We note that you are purchasing in Parkstone so you should seriously consider shopping around for a Parkstone conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a couple of flats in Parkstone which have in the region of forty five years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Parkstone is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more upbeat 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 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 Parkstone conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

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

If you are instructing a conveyancer for lease extension works (regardless if they are a Parkstone conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Parkstone conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

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

Do you have any advice for leasehold conveyancing in Parkstone from the perspective of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Parkstone can be reduced if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Parkstone state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor first.
• If you have had conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over rather than unsettled.
• If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Arranging a re-issued share certificate can be a time consuming formality and slows down many a Parkstone home move. Where a duplicate share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.
• You believe that you know the number of years left on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you identify 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 am the registered owner of a leasehold flat in Parkstone, conveyancing was carried out in 2007. 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? Equivalent properties in Parkstone with over 90 years remaining are worth £267,000. The ground rent is £55 per annum. The lease ceases on 21st October 2099

With just 73 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.