Recently asked questions relating to Bovey Tracey leasehold conveyancing
I want to rent out my leasehold apartment in Bovey Tracey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
A small minority of properties in Bovey Tracey do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Due to sign contracts shortly on a ground floor flat in Bovey Tracey. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bovey Tracey should include some of the following:
- You should be sent a copy of the lease
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bovey Tracey. Conveyancing advisers have are about to be appointed. Will they explain the issues?
The majority of houses in Bovey Tracey are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Bovey Tracey so you should seriously consider shopping around for a Bovey Tracey conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.
I am tempted by the attractive purchase price for a two apartments in Bovey Tracey both have approximately forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Bovey Tracey is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with under 75 years become less and less attractive. 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 property 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 Bovey Tracey 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.
Can you provide any top tips for leasehold conveyancing in Bovey Tracey from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bovey Tracey can be bypassed if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers lawyers.
- The majority landlords or managing agents in Bovey Tracey charge for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bovey Tracey.
I bought a garden flat in Bovey Tracey, conveyancing formalities finalised 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Bovey Tracey with a long lease are worth £235,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2087
With just 64 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.