Fixed-fee leasehold conveyancing in Babbacombe:

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Top Five Questions relating to Babbacombe leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Babbacombe. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Babbacombe - 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.

Having checked my lease I have discovered that there are only 62 years left on my flat in Babbacombe. I now wish to extend my lease but my landlord is absent. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you have used your best endeavours to locate the lessor. On the whole an enquiry agent should be useful to try and locate and prepare a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Babbacombe.

I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Babbacombe. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in Babbacombe are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Babbacombe in which case you should be shopping around for a Babbacombe 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 lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.

I am a negotiator for a long established estate agency in Babbacombe where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Babbacombe conveyancing solicitors. Could you confirm whether the seller of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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.

Do you have any top tips for leasehold conveyancing in Babbacombe with the intention of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Babbacombe can be avoided where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Babbacombe state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such alterations. If you fail to have the approvals in place you should not communicate with the landlord without contacting your conveyancer in advance.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 clearly preferable to present the dispute as over as opposed to ongoing.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Organising a re-issued share certificate is often a time consuming formality and slows down many a Babbacombe conveyancing deal. Where a reissued share is required, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I am the registered owner of a basement flat in Babbacombe, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Babbacombe with a long lease are worth £240,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2081

    You have 56 years unexpired we estimate the premium for your lease extension to range between £32,300 and £37,400 as well as professional fees.

    The figure that we have given is 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 the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Babbacombe