Having had my offer accepted I require leasehold conveyancing in Crediton. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most 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 own a leasehold house in Crediton. Conveyancing and Barclays Direct mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Crediton who acted for me is not around.Do I pay?

First contact HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Crediton conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Crediton which have about 50 years remaining on the leases. should I be concerned?

There are plenty of short leases in Crediton. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

I am employed by a busy estate agency in Crediton where we see a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Crediton conveyancing firms. Can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.

What are your top tips when it comes to finding a Crediton conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Crediton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Crediton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• If they are not ALEP accredited then why not?
• What are the legal fees for lease extension work?

Crediton Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

On the whole the outlay for major works are not included within maintenance charges, albeit that there some managing agents in Crediton require leaseholders to pay into a reserve fund and this is used to offset against larger repairs or maintenance. Most Crediton leasehold flats will be liable to pay a service charge for the upkeep of the building set by the freeholder. Where you acquire the apartment you will have to pay this contribution, normally in instalments throughout the year. This could be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all probability there will be a rentcharge to be met yearly, this is usually not a exorbitant sum, say around £50-£100 but you need to enquire as sometimes it could be surprisingly expensive.