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Barnstaple leasehold conveyancing: Q and A’s

There are only 62 years remaining on my flat in Barnstaple. I now want to extend my lease but my freeholder is absent. What options are available to me?

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 for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. On the whole a specialist may be useful to conduct investigations and to produce an expert document which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Barnstaple.

Estate agents have just been given the go-ahead to market my garden flat in Barnstaple.Conveyancing has not commenced but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is pay the invoice 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

What are your top tips when it comes to finding a Barnstaple conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Barnstaple conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Barnstaple conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • What volume of lease extensions has the firm carried out in Barnstaple in the last 12 months?
  • What are the costs for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in Barnstaple with the purpose of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Barnstaple can be avoided where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
    • Many freeholders or Management Companies in Barnstaple levy fees for providing 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 reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Barnstaple.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you 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. If you dont have the consents to hand do not communicate with the landlord without checking with your conveyancer in advance.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Arranging a re-issued share certificate is often a lengthy process and frustrates many a Barnstaple home move. If a reissued share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there common deficiencies that you witness in leases for Barnstaple properties?

    There is nothing unique about leasehold conveyancing in Barnstaple. All leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • 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

    You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Bank of Scotland, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.

    I bought a split level flat in Barnstaple, conveyancing formalities finalised 2009. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Barnstaple with over 90 years remaining are worth £254,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2085

    You have 61 years remaining on your lease we estimate the price of your lease extension to span between £21,900 and £25,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should 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 Barnstaple