Quality lawyers for Leasehold Conveyancing in Axminster

Whether you are buying or selling leasehold flat in Axminster, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Axminster conveyancing lawyer with our search tool

Common questions relating to Axminster leasehold conveyancing

Back In 2003, I bought a leasehold flat in Axminster. Conveyancing and The Mortgage Works mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Axminster who acted for me is not around.What should I do?

The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Axminster conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Axminster which have in the region of 50 years unexpired on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

What are your top tips when it comes to appointing a Axminster conveyancing practice to deal with our lease extension?

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

  • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in Axminster who can give a testimonial?

  • If all goes to plan we aim to complete the disposal of our £125000 garden flat in Axminster in just under a week. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Axminster?

    Axminster conveyancing on leasehold apartments nine out of ten times results in fees being raised by managing agents :

    • Answering pre-exchange enquiries
    • Where consent is required before sale in Axminster
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Axminster leasehold premises is £350. For Axminster conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

    When it comes to leasehold conveyancing in Axminster what are the most common lease defects?

    Leasehold conveyancing in Axminster is not unique. Most leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

    I invested in buying a 1 bedroom flat in Axminster, conveyancing formalities finalised 2011. Can you work out an approximate cost of a lease extension? Equivalent flats in Axminster with an extended lease are worth £182,000. The ground rent is £65 yearly. The lease expires on 21st October 2086

    With only 64 years remaining on your lease we estimate the price of your lease extension to be between £14,300 and £16,400 as well as 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. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Axminster