Leasehold Conveyancing in Buckfastleigh and Dean - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Buckfastleigh and Dean, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Buckfastleigh and Dean leasehold conveyancing Example Support Desk Enquiries

There are only 68 years left on my flat in Buckfastleigh and Dean. I now wish to extend my lease but my landlord is can not be found. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the landlord. For most situations a specialist may be useful to try and locate and to produce a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Buckfastleigh and Dean.

I am attracted to a couple of maisonettes in Buckfastleigh and Dean both have in the region of fifty years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Buckfastleigh and Dean is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat 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 property 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 Buckfastleigh and Dean 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

I've recently bought a leasehold house in Buckfastleigh and Dean. Am I liable to pay service charges for periods before completion of my purchase?

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. However, 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 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).

Do you have any advice for leasehold conveyancing in Buckfastleigh and Dean from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Buckfastleigh and Dean can be reduced if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
  • The majority landlords or managing agents in Buckfastleigh and Dean charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Buckfastleigh and Dean.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Buckfastleigh and Dean state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such alterations. Where you fail to have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in advance.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate is often a lengthy formality and slows down many a Buckfastleigh and Dean conveyancing transaction. Where a new share certificate is needed, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is essential at an early stage 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.

    • When it comes to leasehold conveyancing in Buckfastleigh and Dean what are the most frequent lease problems?

    Leasehold conveyancing in Buckfastleigh and Dean is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • 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 may encounter 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. HSBC Bank, The Royal Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

    I am the registered owner of a 1st floor flat in Buckfastleigh and Dean, conveyancing was carried out 5 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Buckfastleigh and Dean with an extended lease are worth £212,000. The ground rent is £50 yearly. The lease runs out on 21st October 2095

    You have 70 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus costs.

    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 in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Buckfastleigh and Dean