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

Assuming the lease is registered - and 99.9% are in Buckfastleigh - then the leasehold title will always include the basic details 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.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Buckfastleigh. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Buckfastleigh ?

The majority of houses in Buckfastleigh are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Buckfastleigh so you should seriously consider shopping around for a Buckfastleigh conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of apartments in Buckfastleigh which have in the region of forty five years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Buckfastleigh. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field

I've recently bought a leasehold house in Buckfastleigh. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

I am employed by a long established estate agency in Buckfastleigh where we have witnessed a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Buckfastleigh conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate 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 commence 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

I am the registered owner of a garden flat in Buckfastleigh, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Buckfastleigh with over 90 years remaining are worth £217,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease expires on 21st October 2101

With just 76 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs 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 other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

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Lease Extensions in Buckfastleigh