My wife and I may need to rent out our Crediton 1st floor flat temporarily due to a new job. We used a Crediton conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

A lease dictates relations between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Crediton do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

My wife and I purchased a leasehold house in Crediton. Conveyancing and The Mortgage Works mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Crediton who acted for me is not around.Any advice?

The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Crediton conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two flats in Crediton which have approximately fifty years unexpired on the lease term. should I be concerned?

There are plenty of short leases in Crediton. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

Can you provide any advice for leasehold conveyancing in Crediton from the perspective of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Crediton can be bypassed where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
• Many landlords or Management Companies in Crediton levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Crediton.
• Some Crediton leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 purchasers or their lawyers.
• If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Arranging a re-issued share certificate is often a lengthy formality and frustrates many a Crediton home move. If a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

When it comes to leasehold conveyancing in Crediton what are the most frequent lease defects?

Leasehold conveyancing in Crediton is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• 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 could 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. Lloyds TSB Bank, Coventry Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

I purchased a split level flat in Crediton, conveyancing was carried out in 1996. Can you work out an approximate cost of a lease extension? Equivalent flats in Crediton with an extended lease are worth £181,000. The ground rent is £55 yearly. The lease finishes on 21st October 2096

With 70 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.