Fixed-fee leasehold conveyancing in Crediton:

Get a Quote

Whether you are buying or selling leasehold flat in Crediton, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Crediton conveyancing lawyer with our search tool

Recently asked questions relating to Crediton leasehold conveyancing

I am in need of some leasehold conveyancing in Crediton. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Crediton - 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 appears to be perfect, at a great price which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Crediton. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Crediton are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Crediton in which case you should be looking for a Crediton conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your lawyer should report to you on the legal implications.

I am looking at a two apartments in Crediton which have approximately forty five years left on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Crediton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, 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 premises 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 premises 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 Crediton 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 any new 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.

Last month I purchased a leasehold flat in Crediton. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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 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).

Can you provide any advice for leasehold conveyancing in Crediton from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Crediton can be avoided if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Crediton state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Should you fail to have the paperwork to hand do not communicate with the landlord without checking with your lawyer before hand.
  • Some Crediton leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Organising a replacement share certificate is often a time consuming formality and frustrates many a Crediton conveyancing transaction. If a reissued share certificate is necessary, you should approach 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 it would be advisable verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important 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 property on the market for sale.

    • Leasehold Conveyancing in Crediton - A selection of Queries Prior to buying

      Does the lease have in excess of 82 years left? It would be prudent to discover if there are any onerous restrictions in the lease. By way of example it is reasonably common in Crediton leases that pets are not permitted in in a block in Crediton. If you like the apartmentin Crediton however your dog is not allowed to live with you then you will be faced difficult compromise. It would be sensible to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to day to day matters such as the tidiness of the common parts. Don't be afraid to ask other people if they are happy with their service. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.

    Other Topics

    Lease Extensions in Crediton