Having had my offer accepted I require leasehold conveyancing in Axminster. Before I get started I want to be sure as to the remaining lease term.

If 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 put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Axminster. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in Axminster 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 buying in Axminster in which case you should be looking for a Axminster conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.

Back In 2005, I bought a leasehold flat in Axminster. Conveyancing and Virgin Money mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Axminster who acted for me is not around.Do I pay?

First contact the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Axminster conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, 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 couple of flats in Axminster which have in the region of 50 years unexpired on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

What are your top tips when it comes to choosing a Axminster conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Axminster conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Axminster conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How many lease extensions have they carried out in Axminster in the last 12 months?

I am the registered owner of a 1st floor flat in Axminster, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Axminster with a long lease are worth £200,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2104

With 79 years unexpired the likely cost is going to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Axminster