Having had my offer accepted I require leasehold conveyancing in Crediton. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all 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’m about to sell my ground floor flat in Crediton.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – what should I do?

It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Crediton. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Crediton are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Crediton in which case you should be shopping around for a Crediton conveyancing solicitor 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 with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.

I am attracted to a couple of apartments in Crediton both have approximately fifty years unexpired on the lease term. Will this present a problem?

A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

I work for a reputable estate agency in Crediton where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Crediton conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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 invested in buying a 1st floor flat in Crediton, conveyancing having been completed 3 years ago. How much will my lease extension cost? Equivalent flats in Crediton with over 90 years remaining are worth £224,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2100

With only 74 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 plus costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.