Leasehold Conveyancing in Barnstaple - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Barnstaple, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Halifax, Birmingham Midshires or Nationwide make sure you choose a lawyer on their approved list. Feel free to use our search tool

Top Five Questions relating to Barnstaple leasehold conveyancing

Planning to exchange soon on a studio apartment in Barnstaple. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Barnstaple should include some of the following:

  • The physical extent of the property. This will be the apartment itself but may include a loft or cellar if applicable.
  • Does the lease prevent you from letting out the property, or working from home
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Barnstaple please enquire of your lawyer in advance of your conveyancing in Barnstaple

    • Estate agents have just been given the go-ahead to market my basement apartment in Barnstaple.Conveyancing has not commenced but I have just received a half-yearly service charge demand – what should I do?

    Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

    I am attracted to a two apartments in Barnstaple which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

    There are no two ways about it. A leasehold flat in Barnstaple is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and banks, leases with less than 75 years become less and less marketable. On a more positive 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 Barnstaple conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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 finding a Barnstaple conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Barnstaple conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Barnstaple conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

    • How familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Barnstaple from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Barnstaple can be avoided where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
    • Many landlords or managing agents in Barnstaple levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Barnstaple.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Barnstaple leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Where you fail to have the paperwork to hand do not contact the landlord without contacting your lawyer before hand.
  • If there is a history of any disputes with your freeholder 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 there is an ongoing dispute. You may have to bite the bullet and 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 ahead of 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. Arranging a re-issued share certificate is often a lengthy formality and delays many a Barnstaple conveyancing transaction. Where a new share is needed, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

    • I own a leasehold flat in Barnstaple, conveyancing formalities finalised 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Barnstaple with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2078

    With only 57 years remaining on your lease we estimate the premium for your lease extension to span between £22,800 and £26,400 plus legals.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

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    Lease Extensions in Barnstaple