Top Five Questions relating to Axminster leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Axminster. Before diving in I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Axminster - 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 am hoping to sign contracts shortly on a basement flat in Axminster. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Axminster should include some of the following:
- The total extent of the premises. This will be the flat itself but might incorporate a roof space or basement if applicable.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Axminster. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Axminster are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Axminster in which case you should be shopping around for a Axminster conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I am a negotiator for a long established estate agency in Axminster where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Axminster conveyancing firms. Could you confirm whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £325000 garden flat in Axminster next Tuesday . The landlords agents has quoted £324 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Axminster?
Axminster conveyancing on leasehold maisonettes often requires the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be content to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Axminster Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
How is the lease structured?
Are there any major works in the planning that will likely increase the service costs?
Who are the managing agents?