I have recently realised that I have 72 years unexpired on my flat in Bovey Tracey. I am keen to get lease extension but my freeholder is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you have used your best endeavours to track down the landlord. On the whole an enquiry agent may be useful to try and locate and prepare an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Bovey Tracey.

I am hoping to exchange soon on a basement flat in Bovey Tracey. Conveyancing solicitors have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

The 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 have just started marketing my basement flat in Bovey Tracey.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – what should I do?

The sensible thing to do is 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 until 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.

Last month I purchased a leasehold property in Bovey Tracey. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

In relation to leasehold conveyancing in Bovey Tracey what are the most common lease problems?

Leasehold conveyancing in Bovey Tracey is not unique. All leases are individual and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• 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 will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Aldermore all have very detailed requirements 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 buyer to pull out.

Bovey Tracey Leasehold Conveyancing - Examples of Queries Prior to buying

You will want to discover as much as possible regarding the managing agents as they will either make your living at the property much simpler or uncomfortable. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the cleanliness of the communal areas. You should not be shy to ask prospective neighbours what they think of them. Finally, be sure you discover the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending that money. What prohibitions are contained in the Bovey Tracey Lease? Is anyone aware of any major works in the planning that could add a premium to the service charges?

Other Topics

Lease Extensions in Bovey Tracey